California Homeowners seek mortgage refinance loans with discounted mortgage rates for local refinancing with VA and FHA loan specials for conventional and jumbo loans online.
Can I Refinance my Mortgage in California?
With California mortgage rates hitting record lows, many locals were finally able to refinance into a lower monthly payment that was affordable enough to keep their house.
Refinancing in California has never been more accessible as the HARP 2.0 has removed all loan to value restrictions for underwater homeowners. We have been happy to announce improved pricing and lower rates for Northern and Southern California refinance transactions. With fixed rates available under 6%, California mortgage refinancing is rebounding like the housing markets.
California Refinancing with Low Interest on Fannie Mae, Freddie Mac, FHA, VA, Jumbo and HARP Loan Programs
The So-Cal economy will benefit from the recent mortgage rate cuts spurred by the Fed’s action. With reduced mortgage rates, local consumers should gain more confidence in real estate and begin buying homes again. We offer unique California refinance loans for all types of borrowers.
Refinance Underwater Mortgages – We offer aggressive refinance programs like the HARP 2.0. Check with our California lenders for current guidelines and program eligibility. Many borrowers are refinancing out of their underwater loans into a mortgage that bears a low fixed interest rate.
New California Loan Limits for FHA, Fannie Mae and Freddie Mac home loans.
MSA Name | County Name | State | One-Family | Two-Family | Three-Family | Four-Family |
| SAN DIEGO-CARLSBAD-SAN MARCOS | SAN DIEGO | CA | $697,500 | $892,950 | $1,079,350 | $1,341,350 |
| SAN LUIS OBISPO-PASO ROBLES | SAN LUIS OBISPO | CA | $687,500 | $880,100 | $1,063,850 | $1,322,150 |
| SANTA BARBARA-SANTA MARIA | SANTA BARBARA | CA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| FRESNO | FRESNO | CA | $381,250 | $488,050 | $589,950 | $733,150 |
| LOS ANGELES-LONG BEACH-GLENDALE | LOS ANGELES | CA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| SANTA ANA-ANAHEIM-IRVINE | ORANGE | CA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| SAN FRANCISCO-SAN MATEO-REDWOOD CITY | SAN FRANCISCO | CA | $729,750 | $934,200 | $1,129,250 | $1,403,400 |
| SACRAMENTO –ARDEN-ARCADE– ROSEVILLE | SACRAMENTO | CA | $580,000 | $742,500 | $897,500 | $1,115,400 |
| EL CENTRO | IMPERIAL | CA | $325,000 | $416,050 | $502,900 | $625,000 |
Homeowners who have recently struggled with rate adjustments might find comfort with the FHA Secure loan program that offers low rate refinancing even if your credit scores have gone bad from late mortgage payments. Southern California residents should examine their credit cards, installment loans and mortgages while considering refinancing all the adjustable rate terms into fixed rate loans that will save them a small fortune over the years. Find out how low rates have gone from one of our Southern California mortgage lenders.
Refinance Home Loans & Credit Cards to Save Money & Get More Cash Out!
California Home Foreclosures Climb as Wild Fire and Interest Rates Surge
According to an MSN News article titled “Foreclosures surge 30% in 3rd quarter,” foreclosure actions were recorded on over 446,000 properties in the three months ending on September 30. This marks a 30% increase from the second quarter and is twice the number reported in the third quarter of the previous year. The article highlights that California witnessed one filing for every 88 households, ranking as the second-highest in the nation.
The rate surged by 36% from the preceding quarter and nearly quadrupled compared to the third quarter of 2010. Freddie Mac’s Chief Economist, Frank Nothaft, attributes the sustained low mortgage rates to ongoing concerns about weaker economic growth and further housing market declines.
The combination of adjustable-rate mortgage payments, diminishing home equity, and stricter mortgage lending criteria has triggered a severe credit crunch, substantially impacting the subprime market nationwide. House Financial Services Committee Chairman Barney Frank and fellow Democrats emphasized the urgency of addressing the situation, given projections indicating that 2 million subprime mortgages will reset in the coming months, leading to significantly higher monthly payments and an increased risk of defaults.
The fallout from this has led to subprime mortgage lenders going out of business, contributing to the bankruptcy of various lenders. Consequently, California experiences a consistent rise in refinance requests each year.
In 2011, California witnessed a surge in foreclosures, and the occurrence of San Diego wildfires has introduced a new dimension to the real estate recovery in Southern California. According to Wikipedia, the wildfires resulted in the destruction of at least 1,500 homes and the burning of over 500,000 acres of land across Santa Barbara County, Los Angeles, Riverside Counties, and San Diego County to the U.S.-Mexico border.
The overall impact extended to more than 781 square miles burned, with an estimated cost exceeding $1 billion (US) in San Diego County alone. Southern California experienced widespread devastation, with over 1.8% of the region’s land succumbing to the fires, an area 1.5 times the size of Los Angeles
California Home Refinancing Surges
How will the recent wildfires impact San Diego’s already struggling housing market?
Amidst declining property values and challenges for Southern California homeowners, devastating wildfires have added to the woes of residents in San Diego, Orange, and Los Angeles County. The evacuation of over 600,000 residents in San Diego alone has compounded the difficulties faced by homeowners in a year marked by falling home prices and rising mortgage rates.
The wildfires serve as the latest setback for San Diego County’s once-thriving real estate market, which has already experienced declining sales and record foreclosures. According to a recent report by DataQuick, foreclosures in the region rose by 301% compared to the same period last year.
With over 20,000 resale homes available in San Diego County and a hesitant buying public, predicting the short-term impact of the fires on home sales is challenging, notes Roni Telmosse, former president of the San Diego Association of Realtors. DataQuick Information Systems analyst John Karevoll highlights that, despite the record-high defaults and foreclosures in San Diego during the third quarter of the year, the year-over-year increase is still comparatively lower than the rates in Riverside and San Bernardino counties, which have been severely affected by the mortgage crisis.
For those seeking assistance in securing lower-rate jumbo loans for California home refinancing, there is optimism with the housing market’s resurgence. Residents in San Diego, Los Angeles, Santa Clara, San Francisco, and Orange Counties have found opportunities to reduce housing expenses by lowering the interest rates on their jumbo loans.
As the housing market shows signs of recovery, more borrowers become eligible for low-rate mortgages through California refinance programs, making it advisable to check with a loan officer for current rates and pricing options.