California Mortgages
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As you probably know, nationwide, California is far from being the most
affordable housing market in the country. The home prices and mortgage rates are
very high. This makes Adjustable Rate Mortgages (ARMs) particularly attractive
in California. Many California mortgage loan shoppers also opt for reverse
mortgages to help maintain their lifestyle. A reverse mortgage should not be
chosen hastily, because it does not help build home equity.
First time homebuyers in California have lesser financial resources and make up
about 30% of the market. To make their mortgage down payment, first time buyers
many times rely upon their savings. Also they are more likely to take up a
second mortgage to avoid private mortgage insurance (PMI).
Other California Mortgage Resources
CALIFORNIA MORTGAGE BANKERS ASSOCIATION
980 Ninth Street, Suite 2120
Sacramento, CA 95814
Phone: (916) 446-7100 Fax: (916) 446-7105