Ensconced 8 miles from the Pacific Ocean, 325 miles north of Los Angeles, and 101 miles south of San Francisco, the City of Salinas, California grows so much produce that it is fondly nicknamed “the salad bowl of the world.” For examples: 90% of the nation’s artichokes, 60% of its broccoli, 50% of its cauliflower and mushrooms, and 80% of its lettuce are produced in Salinas, CA.
With a population of more than 138,000 and the Salinas Valley comprised of some 640,000 acres, Salinas is by no means densely populated. In the summer, temperatures average in the 70s Fahrenheit during the day, and the 50s at night. In the winter, daytime temperatures average in the 60s, falling to the mid-30s at night which makes for a temperate living climate.
While the median Salinas household’s income is just over $50,000, in the past 3 years housing prices in the city have soared, by almost 25 percent, to about half a million dollars. To deal with this surge in housing prices, Salinas homebuyers and homeowners should carefully consider their mortgage, refinance, and home equity loan options.
Mortgage Solutions
While moving to an area, like Salinas, CA, with increasingly high housing costs can be daunting, but there are mortgage resources designed especially for communities with a pricey real estate market.
Here are some of the most practical solutions.
Reasons to Refinance and Help from Home Equity
There are ways to sidestep the recent boom in housing costs. You can even use the boom to your home’s advantage.
Try some of these routes to Salinas homeowner security:
Swap an Adjustable Rate Mortgage for a Fixed Rate Mortgage. If you have an Adjustable Rate Mortgage, and are concerned the Salinas interest rates are going to continue to rise, it may be smart to hold onto the current rate by switching to a Fixed Rate Mortgage.
Take a Home Equity Loan. If you urgently need a substantial sum of money, you can apply for a Home Equity Loan, gaining speedy access to a loan that equals the difference between your original mortgage amount, and the portion of it you have paid off so far.
For further details on mortgages, refinancing, or home equity loans, please fill out the form below and a lender will contact you soon.
