home loans ca: a practical guide for buyers and refinancers

How California lending works

Shopping for a mortgage in California means balancing price, speed, and flexibility across competitive lenders. Conforming limits can be higher in counties with expensive housing, and jumbo options fill the gap above that line. Compare rate, APR, and points side by side, and ask about lender credits that offset fees without inflating costs later.

Answers to common concerns

Worried about down payment or credit? Many borrowers qualify with 5% to 10% down, while FHA and VA options serve specific needs. A clean, documented file-steady income, verified assets, and manageable debts-often matters as much as a sky-high score.

• Rate vs APR: APR reflects interest plus most fees; use it to compare similar loan types.
• Assistance: Explore state programs and employer grants; ask about CalHFA and local DPA rules.
• Timeline: Typical closings run 21–30 days; appraisal or condos may add time.
• Costs: Plan for 2%–5% in closing costs, plus reserves for taxes, insurance, and HOA dues.
• Preapproval: A fully underwritten preapproval strengthens offers in tight markets.

Lock when terms match your budget, request written Loan Estimates the same day, and negotiate lender fees before you commit.