Real Estate Loans Guide

California Real Estate Loans Section


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´╗┐Finding the Best California Real Estate Loans


California is an amazing place to live. It really has something for everyone. If you love beaches, then California has you covered. It has a long coastline over dozens of really great beaches on the Pacific Ocean. It also has a lot of beautiful wineries that are perfect for a wine expert. If you want to live in a warm climate with a lot of great aspects, then you should definitely consider this great state. If you are looking to buy a house there, then you will need the help of California real estate loans. Since house prices are very high in this state, it is very important that you find the right loan.

Finding the right loan may be harder than you might first expect. There are a lot of aspects involved in California real estate loans. In fact, there are three major areas that you should look out for to make sure that you get the best loan possible. First, you should find a loan with a low interest rate. Everyone talks about this but most people don't even know how low it should be. Interest rates change all the time. Right now, the national average is between five and seven percent, but that can change right away. Just make sure that the interest rate is around this average or, preferably, below it. This way, you will save a lot of money.

The next thing you should watch out for with your California real estate loans is the down payment. Depending on the bank or lending company you're working with, the prepayment percentage can really vary. Try to find California real estate loans that are around 5% or lower. This means that you will have to pay 5% of the loan amount as a down payment at closing. This can be a large amount depending on the house you choose. If you buy a $300,000 house, you would have to pay $15,000 as a down payment on the day of closing.

Finally, you need to make sure that any California real estate loans you choose have the right repayment terms. You usually can choose between a fifteen and thirty year period. Thirty years will lower your monthly payments, but it will take longer to pay off the house. In contrast, fifteen year terms will have higher payments but the house will be entirely yours in a smaller amount of time.

Keep all three of these aspects in mind when you are looking for real estate loans. If you do, you will end up with a great loan to go with your great California home.