Today's Mortgage Rates
|Product (Rate Program)||Rate||APR|
Mortgageloan.com has compiled a full set of resources that can guide you through your search for the best available mortgage in Los Angeles. You can prepare to make great decisions by reading mortgage and tax articles, and experimenting with mortgage calculators. You can browse lender contact information in our Los Angeles broker directory, or you can request lender quotes directly. As the offers start coming in, you can revisit the articles and mortgage calculators to determine which loan program suits you best.
Mortgage Tax Savings
Owning a home in Los Angeles is expensive. Thankfully, the IRS allows you to deduct certain home and mortgage items on your tax return. These items are property taxes paid, mortgage interest paid, and loan points paid. The savings generated by these deductions can be significant, and you can estimate them using Mortgageloan.com's Mortgage Tax Savings Calculator. The mortgage interest deduction is most beneficial in the early years of the loan, because during this time, your payment is primarily applied to interest. Keep in mind that if you pay points on a refinance, these costs cannot be deducted all at once-they must be spread out over the loan term.
In L.A., fixed-rate mortgages (FRMs) rise and fall in popularity with real estate market trends. While you might find a lower payment with another type of mortgage loan, most borrowers agree that the FRM is the least risky option available for purchases and refinances. FRMs are characterized by:
- A constant interest rate
- A set payment amount
- Full repayment at loan maturity
FRMs are often paid off over 30 years. You can get a break on the interest rate if you can afford the payments on a 15- or 20-year term. Some lenders have a 40-year FRM, which would be appropriate for borrowers who need the lowest monthly payment.
Your quest to save money on your mortgage will be successful if you consult with several lenders. You can contact lenders independently, by going straight to the Los Angeles broker directory. Or request quotes and have lenders contact you. As you move through the process, remember these pointers:
- Don't try to compare apples to oranges without help. If you receive offers for FRMs and adjustable-rate mortgages (ARMs), start by comparing each type separately. Take the time to understand what each loan structure offers you. Then, choose the best of each category and compare them with the help of Mortgageloan.com's mortgage comparison calculators.
- Consider the advantages of a mortgage that's structured for fast pay-down. This strategy will keep your interest costs low, while speeding up the growth of your home equity. The trade-off is that you'll have to absorb a higher monthly payment.
Whether you're refinancing a downtown loft, or purchasing a mansion in the hills of Los Feliz, the City of Angels is a great place to find low-rate home financing.