If you’re searching for and comparing current California mortgage rates to buy a home or to refinance your current home loan you can find a wealth of information and a list of current rates by using comparison shopping websites. You comparison shop for smaller items that might save you tens of dollars or hundreds of dollars but did you know if you at a loan with a mortgage rate of 1.00 or less you can save thousands of dollars over the life of the loan?

Whether you live in a large city in California like Los Angeles, San Diego, San Jose, San Francisco, Long Beach or any other of the cities or towns in California you can find current interest rates and current refinance rates by searching rate tables for the state of California.

If you’re thinking about refinancing your home loan in California the main factor in determining if refinancing makes financial sense is your current home loan must be at least 1.00 percent higher than current refinance rates available today. Another factor to consider is how long do you plan to be in your current residence in California? If you’re planning on moving in a year or two refinancing your CA home doesn’t make sense.

If you’re planning on staying in your current home you should seriously think about refinancing to a shorter term mortgage. Freddie Mac released a mortgage report showing the most common refinance move was from a fixed 30 year mortgage rate to a fixed 15 year mortgage rate. When searching for refinance rates look into 15 year refinance rate or even 10 year refinance rates.

If you can afford to pay more in monthly mortgage payments you’ll end up paying a lot less in mortgage interest over the life of the loan with a short term mortgage. Another positive is short term mortgage rates and mortgage refinance rates are usually lower than longer term mortgage rates and refinance rates.

The most common type of mortgage rates in CA is 30 year fixed mortgage rates. Since housing costs are high in CA jumbo mortgage rates are also popular. Other fixed rate mortgages available in CA include 40 year mortgage, 25 year mortgage rates, 20 year mortgage rates and 10 year mortgage rates.

30 year fixed rate mortgages are the most common type in California because the borrower spreads the principal payment out over a 30 year period. With a longer term mortgage comes more interest payments over the life of the loan.

Fixed rate mortgages the most secure type of mortgage because the mortgage rate never changes. The borrower knows how much their mortgage payment will be each and every month.

Other types of California home loans available include adjustable rate loans, interest only loans. Interest only loans were the rage in California during the housing boom. Unfortunately interest only loans also contributed to the housing boom and the subsequent housing bust.

Home equity loans and home equity lines of credit are other types of home loans available in California. Also during the boom many home owners used home equity loans for lines of credit to tap in their homes equity to renovate or pay off credit cards.

If you’re thinking about buying a home or refinancing your current mortgage now is the time to do so. As the economy picks up steam the Federal Reserve will start raising interest rates which will cause mortgage rates, CD rates and savings to head higher.

Author Bio: Search and compare California mortgage rates and California refinance rates at MonitorBankRates.com. You can find the best mortgage rates and refinance rates any where in the United States by searching our rate tables.

Category: Real Estate
Keywords: real estate, mortgage rates, refinance rates, california, jumbo, conforming