California Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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California, on the west coast of the US, and south of Oregon, is a heavily populated state which exhibits hot weather all year long in the southern tip, while experiencing very treacherous and cold winters in the northern region of the state. Bordered with Mexico, it has one of the most famous governors, action-movie-icon, Arnold Schwarzenegger and his wife, Maria Shriver, family member of the Kennedy clan. Although the state does have some farming, it is best known for the electronics industry, specifically Silicon Valley. The largest cities are Los Angeles, San Diego, San Jose, San Francisco, Long Beach, Fresno, Sacramento, Oakland, Santa Ana and Anaheim.

Undoubtedly, it is not even necessary to read any surveys to know that California is close to being the most expensive state in which to own a home. Buying a moderately priced home is out of the question. A half-million dollars in another state might buy a mansion, but in California, this sum might only afford a plain three bedroom home in some areas. Needless to say when it comes time for a California mortgage refinance, the cost of interest is going to be significant, and a deciding factor in obtaining a loan.

Additionally, due to the high cost of real estate, where other states have conforming loan limits of $417,000, certain areas of California have limits up to $625,500. This means that people with average homes not considered in the luxury range may have jumbo mortgages and could certainly benefit from California mortgage refinance. For home owners who took out mortgages when the limit was $729,750, they could now refinance at presumably lower rates because they qualify for conventional or conforming loans.

Other benefits to obtaining a California mortgage refinance may depend on the equity. After having paid on the mortgage for a number of years, home owners may have built up more than twenty percent equity to debt. This means that they could reduce their monthly payments by foregoing private mortgage insurance (PMI). Likewise, for home owners who agreed to variable interest rate mortgages, it might in fact, be cheaper to refinance at a locked-in rate than continue with potential increasing rates.

Finally, when home owners buy their first homes, their credit scores might be lower because they do not have as much history. But, after paying a mortgage for some time, the scores should increase, assuming other things have not negatively impacted the scores, and thus, refinancing would be beneficial, as typically, the better the score, the better the interest rate.

Interestingly, regardless of the housing market in California, so many people are still trying to relocate, and do succumb to the state's glamorous spell.

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