First time home buyer loans California is for someone who has not owned a residence before in the last 3 years in the eyes of mortgage lenders. Moreover, the first time homebuyer incentives and tax benefits have long since become void from the time when the federal government was trying to cushion homeownership in the time of learner economic. In the current market for real estate ownership, your capacity to buy a residence requires you to work with a conventional mortgage loan plan and have some money saved up in the bank to best position yourself as a responsible home owner showing that you have the caliber and ability to buy a home. The good thing is that you can get home buying free consultation online to help you understand what is involved in home buying as well as the various home mortgage rates- the 30 year fixed mortgage rates California or the 15 year mortgage rate- and which one best suits you, especially if it is our first time. 
There are various home mortgage rates in California which include:-
- 15 year fixed mortgage rates California
- 30 year fixed mortgage rates California
- 7/1 ARM rates California
- 5/1 ARM rates California
15 year fixed mortgage rates California
A 15-year fixed mortgage’s interest rate remains the same for the life-shell of the loan. Let’s say you are on a 15-year mortgage of $300,000 with an interest rate of 5.75%, you would pay approximately $3,097.90per month, and this would remain the same for the period of the loan. People who should get 15-year fixed mortgages are those with savings, who anticipate a precise money deduction from their monthly income, those who want to repay their loan in the least amount of time, and can manage large lump sum monthly payment. Every home mortgage rate in California has its pros and cons.
Advantages
- The good thing with a 15-year fixed mortgage is that it has expected monthly payment.
- The pay-down is half the time of a 30-year fixed.
- The rates are normally lower than that of a 30-year fixed mortgage.
- It's quite simple and maintenance-free once the rate is set.
- No need to worry about rate fluctuation.
Disadvantages
- Monthly payments are relatively higher compared to a 30-year fixed mortgage
- It is hard to qualify for this loan because of the high payment rates
- The mortgage tax deduction is less than a 30-year fixed.
Ask for home buying free consultation if you need further clarification particularly if you fall under first time home buyer loans California.
30 year fixed mortgage rates California
This loan’s interest rate remains the same for the life-shell of the loan. For example, you are on a 30-year mortgage of $300,000 with an interest rate of 5.75%; your monthly payment would be approximately $2,357.39 for the entire life of the loan. This loan attracts people who want an expected fixed deduction from their monthly income and those who plan to stay in the house for 5 years and above. It is more affordable with the payment plan distributed over several years.
Advantages
- It provides a tax deduction from the interest you pay on your mortgage.
- If rates drop significantly, you can refinance.
Disadvantages
- The rates and payments are normally higher than 15-year fixed mortgages and adjustable rate mortgages (ARMs)
- If the homeowner decides to sell the house in less than 5 years, they could end up paying more interest compared to an ARM.
For first time home buyers, it is important to get home buying free consultation prior to deciding what mortgage plan to settle on. Home mortgage rates in California differ depending on the mortgage service provider. It can be very confusing for first time home buyer loans California, but once you’ve researched well and understood, you will find that it is not that hard. Be atop with the current home mortgage rates in California and find the one that best suits you.
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