Getting Mortgages - California Home Loans

California Home Loans - Specifically Expensive

California homes are the most expensive in the country - hands down, no questions asked. People applying for California home loans to purchase these California homes are always surprised at the high monthly expenses demanded of them. Not only do you have your California home loan to worry about, but high California taxes, high California insurance rates, and high California costs of living all need to be taken into consideration before moving into that hacienda.

California home loans cost a boat load

The average California home is running about $500,000 these days, and the average interest rate on 30-year fixed rate California home loans is about 7% APR. That means homeowners will be responsible for paying $35,000 a year - in interest. On top of that, property taxes are among the highest in the country, usually running to well over $400 a month, and insurance is no laughing matter, what with earthquakes, mudslides and fires. Basically, you're gonna have to be pulling in about $65,000 a year just to keep tabs on your home. But, they say taking out California home loans is well worth the cost, and we're inclined to believe them.

Why California loans are so great

So you're paying $35k annually toward the interest on your California home loans - so what! You're making about $100,000 a year in increasing equity! California home loans remain great investments because people still want a piece of the California dream, they still want in on the action in the greatest place in the universe and they can still get it - $500,000 is a lot of cash, but in a few years even that will be a bargain. You have to think of home loans in a different light when in California - you have to be willing to take some serious chances and make some pretty crazy commitments. Don't bother applying for Countrywide home loans - you can find substantially better deals elsewhere, and if you need Countrywide's assistance you probably can't afford a California home in the first place.

About Us | Contact Us | Site Map | What's New | View as RSS