Situated 35 miles northwest of downtown Los Angeles and occupying most of the Santa Clarita River Valley, Santa Clarita was recently named one of the top 20 cities to live in California by CNN/Money Magazine.
In the past two decades, Santa Clarita has constructed an impressive number of parks and trails, new roads, Metrolink stations, a Santa Clarita Transit bus service, curbside recycling programs, strong Sheriff services, and local representation on environmental issues.
The median income per household in Santa Clarita is $66,717, not surprising considering its proximity to Hollywood.
Santa Clarita Mortgages
A home in Santa Clarita, CA can cost anywhere from under one hundred thousand dollars to several hundred thousand dollars or more. It is important for you to find the best-fitting mortgage for your dreamhouse there.
Here are a number of Santa Clarita options:
50 Year Mortgage:
This is the newest creative loan product on the Mortgage market. A 50-year Mortgage can either assume the form of an FRM that balloons to higher monthly rates after 30 years, or that of an ARM. It is particularly well-suited to borrowers who plan on keeping the house for about 5 years. Perhaps you want to purchase a Santa Clarita home and sell it at a profit after 5 years—this is one means to that end.
Balloon Mortgage:
If you want a lower interest rate than the prevalent 15- or 30-year Mortgage, are uncomfortable with an Adjustable Rate Mortgage (ARM), and know you will be moving in 5 to 7 years, a balloon mortgage may be your loan of choice. For this loan, you pay low monthly increments until the end of 5 or 7 years, when the entire remainder of the amount you borrowed is due. The balloon mortgage is often easier to qualify for than others, and can make you eligible to buy a more expensive home.
While you contemplate these and other mortgages, bear in mind that all mortgages come with a margin. The margin is essentially the lender’s markup. It represents the lender’s business cost plus the profit she makes on the loan or Mortgage. Any Mortgage lender will be glad to discuss the details of her projected margin with you.
Mortgage Refinancing or Home Equity Loans
If you are lucky enough to be an established Santa Clarita resident, chances are you could benefit from refinancing your mortgage or applying for a home equity loan.
Three good reasons to refinance your mortgage are:
If you need a large amount of money to address a large debt consider a Home Equity Loan which is a closed-end loan that can have a fixed term, rate or monthly payments, or an adjustable finance charge rate that oscillates with a federal interest rate. A Home Equity Loan makes a lump cash sum accessible to you which is useful if you have a credit card or other debt that needs attention.
If you are interested in a mortgage, refinancing, or home equity loan, fill out the form below, and a Santa Clarita lender will be in touch with you soon.
