Refinance Mortgage Rates in Torrance, CA
The average home value in Torrance City –California is approx $ 744,000. Most mortgage borrows typically are into Jumbo loan category section. It is important to inform Torrance mortgage borrowers looking for lowest rate on their mortgage that Fannie Mae and Freddie Mac have recently increased the Loan Limit for all counties and state in California.
So if Torrance mortgage borrowers were initially put in to jumbo loan they need to talk to Torrance mortgage expert to help them with information on how to obtain lowest mortgage rates.So what was jumbo loan category where automatically the borrowers were given higher rate in past would now be qualifying for lower rates because they are now in the bracket of conventional Fannie Mae and Freddie Mac loan limit be it Single Family Home owners, Multi Family Home Owners.
This has impacted in a positive way to most Mortgage Borrowers in Torrance city. You need ti check with your Torrance Mortgage expert on the loan size for your mortgage and if you qualify for lower rate on mortgage or not if you are coming into conventional category. The reason why previously you were offered higher rate on jumbo loan was because jumbo loan are not backed by any Government agency and hence its not an easy buy with investors. Since jumbo mortgage are not backed by government agency like Fannie Mae and Freddie Mac. Investors do not have much appetite for such mortgage.
These jumbo mortgages are underwritten on the basis of banks own underwriting Niche and guidelines.However once you come into conventional bucket. You have Standard government agency who have laid the guidelines for underwriting and backing the loan. Hence investors have an appetite for such mortgages. Like in 2008, all mortgages that were backed by Fannie Mae and Freddie Mac. Despite the mess. The investors didn’t lose the money else the two government agencies were at the verge of collapsing that is Fannie Mae and Freddie Mac. Precisely whey once you get into agency loan or agency backed loan you are looking at lower rate of interest.
Torrance-California Mortgage borrowers must contact their mortgage expert to help them achieve their goal of lowest mortgage rates on refinancing.
Average Home Values By City
- Torrance $744,600.
- Alondra Park $536,300.
- Lawndale $460,900.
- Lomita $601,000.
- Los Angeles $585,100.
- Palos Verdes Estates $1,930,500.
- Rancho Palos Verdes $1,222,900.
- Redondo Beach $913,100.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154. You can even e mail at roger@affordable-payment.com
Article by Roger Shanker
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