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California Mortgage Rates

California mortgage rates are very competitive and homeowners could get the cheapest rates if they make some thorough research of the loan market. The home loan rates differ from one state to another and you are required to understand the current California mortgage rates if you are looking to avail a home finance loan in the state. There are numerous reliable lending companies in California who offer a wide range of loan programs having different interest rates. For instance, you could either choose a fixed-rate, an adjustable rate or interest only loan as per your preference and your financial status.

Fixed-rate Mortgage

A fixed-rate home loan program lock the loan with a fixed repayment amount to be made by the borrowers. With a fixed-rate loan, you will be able to know the interest rate and the payment amount that you will pay till the completion of the loan period. You can also make your choice for a 30 year, 15 year, 20 year or a 40 year fixed rate home mortgage program depending on your income status. The current rates in California with fixed rate loan programs are 5.125% with 30 year term, 5.00% with 15 year, 5.105% for 20 year and 5.950% with 40 year loan program.

Adjustable-rate Mortgage

Unlike the fixed rate loan programs, you can adjust your monthly mortgage payments after some specific time period with adjustable rate loan terms. Adjustable rate loans should be preferred when you have a chance of improvement in your future financial condition. There are several programs available with adjustable rates that include 3/1 adjustable rate term, 5/1 term, 7/1 plan and 10/1 adjustable rate mortgage.

Interest Only Mortgage

This type of home loan term is very affordable as you will only have to pay the interest rate of your loan for a certain period of time. However, as your monthly payments does not include the principal amount of your home finance loan, you are required to pay a lump sum amount at the end of the loan period. By finding a reputable lender in California you will be able to get a number of interest only mortgage including 3 year term, 5 year, and 7 year loan term.

California Mortgage Rate Calculator

While looking for mortgage loans, you should have a clear understanding of your financial ability in order to find the perfect loan term that suit you best. One of the most effective ways to search for suitable loan terms is to use the mortgage calculator offered by many online service providers and financial lenders. Home loan calculators could offer you the details that you need to decide which loan term to go for.
Mortgage Loan
Mortgage Loan is one the most reliable sources where you can get extensive details on the present home loan rates available in California. The company brings before you a wide variety of attractive rates from multiple lenders in the state.
ERATE. Mertgage Rates
Address: 2900 Gordon Avenue., Suite 100, Santa Clara, CA 95051
Phone:1-888-88-ERATE, 408-261-7700
Fax: 408-261-7713
If you are looking for the most attractive mortgage rates in California then Zillow is one of the best places where you can obtain all that you need. The company offers instant quotes for a number of loan rates.
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