Property Search and California Mortgage Rates
Both residential and commercial mortgage rates are back up in many Southern California real estate areas. This is not news to the investors and first time home buyers looking at property searches.
Mortgage rates are up an average of .03% from last week, experts say. The average 15-year fixed mortgages slid down from 5.62% to 5.59%. Five-year adjustable-rate mortgages rose from 5.68% to 5.73%, while one-year adjustable rate mortgages remained unchanged at 5.29%.
Home Buyer Mortgage Rates
The commercial property ARM rates and residential homebuyer mortgage rates will shift accordingly. However, buying a house that is right for you as an investor or a first time buyer is the main thing when looking at property searches.
These rates do not include add-on fees (points). The 30-year, 15-year, and five-year mortgages' nationwide average fee was .5 point, while the average one-year adjustable-rate mortgage was at .6 point.
The thing to remember in residential and commercial mortgage rates is the valuation of the individual property. As you are looking at real estate websites for property records remember the local valuation on many homes will not change that much. What does this mean? It means that whatever the residential or commercial rates are, the debt service ratio is the important factor to the commercial real estate investors. The home buyer is looking at the down payment,the financing and the current home prices.
Property searches ownership foreclosure
Performing a California property search for ownership, tax assessment, foreclosure information, schools, crime areas and real estate disclosures on the house is paramount for the home buyer. You can look at a property search with a magnifying glass with all the real estate websites but one area you will not find all the information on is the seller disclosures. We provide this as both the CLUE report and the natural hazard disclosure are of utmost importance on any home buyer checklist!
For the typical first time home buyers, a California residence location may be the most important factor. Yes it is true it is better to “buy low sell high” when buying a house but the down payment and home price is still the issue. What we are saying is even if property mortgage rates rise or fall (within a certain ratio) properties in more desirable areas will hold their value.
Southern California real estate has always been a premium, this is not the latest news. However, the difference in buying a house in the Inland Empire as opposed to a Luxury area of Orange County is a world apart. Property I.D. Corporation based in Los Angeles is a California real estate disclosure company that provides real estate information in property searches and history records.