According to the California Association of Realtors, interest rates in Los Angeles are currently at a rate that the state has not seen for four years. In April 2006, the APR for a 30 Year Fixed Rate Mortgage in the state of California was at 6.53, a mere 0.01 point away from June 2002’s 6.54. Analysts say that this increase is due to inflation and interest-rate expectations. Whatever the cause may be, the current interest rates may prove to be daunting when considering a mortgage in the city of Los Angeles. But don’t let interest rates stop you from moving to the sunshine state. Keep reading to discover how much real estate you can afford to buy in Los Angeles, and what your refinancing options are.
Quick Los Angeles Housing Facts
Percent of Homeowners in Los Angeles: 56.9%
Percent of Renters in Los Angeles: 43.1%
Median Los Angeles Household Income: $47,493
Average Los Angeles Credit Score:
Best Cities in to live in California: Mill Valley, Coronado, Saratoga, Santa Barbara, Benicia
Median Los Angeles Home Value: $211,500
How Much Real Estate Can I Afford in Los Angeles?
Home prices aren’t low in Los Angeles for a reason. Who doesn’t want to move to sunny LA? If you want to move to Los Angeles but are worried about how your financial power will translate in your new state, check out our home mortgage calculators. We have oodles that are designed specifically to help you decide how much house you can afford in California. But before you start number crunching, think about the following:
- How much can I afford to pay each month?
- What are current mortgage rates in Los Angeles?
- What kind of payment plan will work for me?
- What are Los Angeles property taxes?
Refinancing in Los Angeles:
Refinancing is an incredible financial tool. Not only does it allow you to take advantage of low market rates that reduce your mortgage payments, but there are refinance options that actually leave you with a little extra cash that you can use to pay off other debts, or make home improvements.
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