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California Mortgage
California mortgage rates dropped again with low rate loan offers for jumbo refinance mortgages and home purchase loans with special incentives for interest only and negative amortization loans for homeowners from San Diego to San Francisco. Nationwide Mortgage Loans was founded as a California Corporation and our company continues to operate as a mortgage broker in Southern California. Our lending roots continue to grow beyond the state lines, but our heart and soul can be found in our corporate headquarters in small business friendly town in Encinitas, located on the coast between Solana Beach and Carlsbad.
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Borrowers from the "Golden State" have been active refinancing their jumbo mortgage loans and we have found that most borrowers still favor interest only for refinance and negative amortization for purchase transactions. Homeowners have found a good refinancing solution with the new FHA home refinance product called, FHA Secure. Unfortunately California borrowers are limited to $362,000 mortgage loan amounts with FHA lending programs, even in high cost areas. Conforming loan limits in California set forth by Fannie Mae and Freddie Mac remain capped at $417,000.
Nationwide has extended discount loan offers to California homeowners for first and second mortgages. Check with your loan officer for state specific pricing and regional limitations.
*Special Incentive for California Homeowners Refinancing with 2nd Mortgages Online* |
We are extending special mortgage incentives for California homeowners. At this time, Nationwide is offering CA residents a Free AVM when consumers complete an application for a refinance or 2nd mortgage online.
When borrowers complete a simple loan application online, we will redirect you to a mortgage consultant who will offer you a free consultation and a free automated value model (AVM). Take a minute and discover what loan possibilities are available to you in your situation with today's real estate market. Best of all get rewarded for being a California local! |
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Let our mortgage experience pay dividends to your online mortgage rate shopping. Get the best home loan offers with special incentives for California homeowners considering financing with their home to be used as collateral . From Chula Vista to Eureka, Nationwide offers local California residents premium rate pricing so that you can maximize your home financing dollars. According to local Orange County resident, Andrew Christie, "The cost of living in this state is high, but after living in other states, I came back because it's definitely worth it!"
 California Mortgage Loans up to 100%: Fixed rates have fixed monthly payments!
Includes additional options for lower monthly payments or lower interest rates, and potential tax savings.
We offer fixed rate first and second mortgages that allows customers to know what the payment will be for the entire life of the mortgage.
--- Home Mortgage Loans to $3,000,000
--- Stated Income Loans to $2,500,000
--- Second Mortgage Loans to $500,000
--- Sub-Prime Loans to $1,000,000
Should I Cash In on My Home Equity and Refinance My Current Mortgage Loan Before the Bubble Bursts?
By Nick Rian
 A report in the Los Angeles Times shows, "When the price of houses in California soared 17 percent in 2003 and 22 percent in 2004, a curious thing happened: Instead of homeownership decreasing because fewer people could afford houses, it rose to record levels."
Basically, homeowners in California are more inclined to use interest only loans to purchase more home than they can actually afford and the game gets dangerous, when FMV (fair market value) starts to drop. "Abundant foreclosures could spark a downturn in the entire housing market, leading to the long-feared bursting of what some call a housing bubble," shows Streitfeld's LA Times article.
An article in the San Diego Union Tribune, shows higher interest rates stopping prospective home buyers from signing on the bottom line. Those trends are forcing home owners to drop their prices. The Federal Reserve shows, homes' appraised value made up 145% of nominal gross domestic product in March, while stocks and mutual funds were worth 82% of GDP. Click Here for a Fixed Rate California Mortgage
How will the Mounting Foreclosures Affect the Mortgage Rates in California? |
Mortgage companies reported California homeowners the highest number of home loan default notices in over a decade last quarter, the result of flat or falling prices, anemic sales and a market scorned by the excesses of the 2003 to 2005 home-buying frenzy, a data source reported.
According to DataQuick of La Jolla, mortgage lenders filed 53,943 Notices of Default during the April-through-June period. This was up 15.4% from 46,760 for the previous quarter, and up 158% from 20,909 for second-quarter 2006.
Most of the home loans that went into default last quarter were closed between July 2005 and August 2006. The median age was sixteen months. Loan originations peaked in August 2005. The use of adjustable-rate mortgages for primary purchase home loans peaked at 77.8% in May 2005 and has since dropped. With respect to home equity lines of credit, homeowners were on average eight months behind on their loan payments. Borrowers owed on average $3,457 on an average $67,121 home equity credit line. However the actual portion of the heloc that was actually used cannot be determined from public records alone.
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Will the increase in foreclosures have serious back-lashes that cause mortgage lending guidelines to tighten?
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California Mortgage Finance News and Economic Update |
 National Housing Market David Lehrer, Chief Economist of the National Association of Realtors, has had a tough year. In early 2005, he came out with the book, Are You Missing the Real Estate Boom? Why home values will climb through the end of the decade and how to profit by them. He changed the title to that book in late 2005 to Why the Real Estate Boom Will Not Bust, and How You Can Profit from It.
Here are a series of recent quotes from David. "The housing market peaked in August 2005. This could be the bottom. May appears to be a little better." - May 25, 2006 "The major housing indicators have been moving up and down within a reasonable range, which means the market should even out just below present levels. At the same time, inventory levels are balanced in much of the country, so overall price appreciation will be at a normal rate." - July 18, 2006 "Could it be a 5% drop in prices? Could it be a 10% drop? Whatever it is, it will be short lived, because demand is right there on the sidelines." - July 26, 2006 The transition from predicting prices climbing for many years to come to acknowledging the likelihood of a decline in price is very significant. What David and other economists had been counting on was that "demographics" would carry the California real estate onward and upward. Demographics is what he's talking about when he says that demand is "right there on the sidelines." By next year, that idea will be proven wrong. Many of the "exuberant" states are experiencing a surprise and sudden end to what has been quite a ride in real estate appreciation. |
 CENTURY 21 Award, headquartered in San Diego, saw a great opportunity to use the System's affiliation with Major League Baseball to secure a marketing program with the San Diego Padres, for example. The 13-office company developed a promotional relationship with the Padres that included in-stadium signage, full-page advertisements in the Padres Home-stand game day programs and a creative Easter Seals fundraising and awareness program titled, "Runs for Kids."
A longstanding supporter of Easter Seals of Southern California, CENTURY 21 Award pledged a $100 donation to the charity for every run that the Padres scored in Friday games throughout the regular MLB season. The Runs for Kids program raised $12,200 for Easter Seals of Southern California. In addition to the funds raised, the program also helped gain valuable awareness for the work that Easter Seals of Southern California does for the community. CENTURY 21 Award used the full-page ads in the game day programs to promote the "Runs for Kids" program.
For more information please visit Century21- http://www.century21award.com/ |
The California Department of Housing and Community Development announce the new program accepting applications under the Cal-Home Program.
- First-Time Homebuyer Mortgage Assistance
- Owner-Occupied Rehabilitation
- Homeownership Project Development Loans
For more information, please visit HUD - hcd.ca.gov/fa/calhome
Finance Related State News - California Update |
 
Housing Affordability in California
According to the California Association of Realtors in Los Angeles, the percentage of households in California able to afford a median priced home stood at 14% in November, compared with 19% for the same period a year ago, according to a report released today by the. The minimum household income needed to purchase a median-priced home at $548,400 in California in November was $133,390. The Wine Country, San Luis Obispo and Santa Barbara regions were the least affordable in the state at 7%.
Home-Ownership Increases for Hispanics in California and in the US.
The rate for Hispanics owning homes hit a record 50% in the 4th quarter according to the U.S. Census Bureau. The Census Bureau reported that 50% of Hispanic households own their own homes, up from 48.9% in the 4th quarter of 2004. Alphonso Jackson, the HUD secretary stated that 2 million minority families bought homes in the past 2 years. The U.S. home-ownership rate in 2005 was 69%.
Pick a Payment Loans offer increased purchase power with the lowest possible payment. With interest rates that start at 1.25%, it is a good idea to discuss the option arm guidelines with your Nationwide loan officer to see if it is a good fit for your financial plan. |
CA State Loan and Credit Guideline Updates |
 Check for Local Home Equity Rates - CA - Home equity loans are more popular than ever because they give you access to your home's equity at any time. Choose from variable credit lines to fixed rate installment loans.
Lock the rate of your variable HELOC and get a fixed second mortgage with a fixed monthly payment. |
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| California Home Loan and Mortgage Rate Info by City |
Loans for San Diego Homeowners
San Diego County has seen the housing sector take off with two to five-million dollar homes become common along the coast.
Orange County Loans
O.C. Job growth helped keep property values high for years, but home sales from San Clemente to Newport seem to have leveled off. Home sales in Tustin, Santa Ana and Mission Viejo may have actually dipped.
Los Angeles Home Loans
LA home values reached highs in 2005 and have began to slowly decline except in the beach cities like Manhattan and Hermosa Beach.
Fresno Home Loans
Home values for Fresno and Coaling have continued to rise in 2006.
Riverside Home Loans
Corona and Riverside home prices are declining a bit in 2006.
San Luis Obispo Home Loans
Home values for coastal SLO cities like Cayucos, Morro Bay and Los Osos have remained steady in 2006. San Luis Obispo property values have dropped 2-5% in some areas of the city.
San Francisco Home Loans
Northern California home values have begun dropping in certain areas across the county.
Sacramento Home Loans
Property values in the Capital and suburb cities like Chico have dropped slightly in 2006.
San Bernardino Home Loans
Home values have dropped in most of the county, except for some mountain properties in Big Bear and Lake Arrowhead.
Santa Clara Home Loans
Home values have been overall pretty steady, but have reduced sales prices from 2-4% some of the homes in Santa Clara.
Santa Barbara Home Loans
Coastal properties in Santa Barbara show minor increases for home values in 2006.
Santa Cruz Home Loans
Coastal properties in Santa Cruz show a slight decrease for property values in 2006.
Ventura Home Loans
Home values in Oxnard and Ventura have been all over the map in 2006.
Because the home value trend appears to be declining in many parts of California, we recommend refinancing any adjustable rate mortgage to a fixed rate loan, and if you are considering a second mortgage or line of credit, now is a good time to get your cash while you have some equity.
Los Angeles Home Mortgage Rates Drop
With property values dipping and home sales lagging across both southern and northern California, it may be your last chance to refinance your adjustable rate mortgages.
Are your Home Equity Credit Line Interest Rates Rising? Lock into great second mortgage loan. Fixing the rate is a great hedge against inflation. |
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