California Purchase Loan

A California purchase loan is, quite simply, a loan made to purchase a property in California. There are no special rules in California that make loans different from elsewhere in the country (apart from state-specific details of the contract law) so a loan in the state is very much the same as one in any other state. This might be a bit of a surprise as with 37 million people they do seem to like making themselves different on anything from what goes into your gasoline tank to the construction rules for your house.

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So a California purchase loan is just like that in other states. It can be a fixed rate mortgage (FRM) or an adjustable one (ARM), it can have positive or negative amortization, it can be a cash-out refinance, for an investment property, for a house, multiple units and so on. All the wonderful variations of the mortgage market right across the country. The one restriction of course is that by its very name it is restricted to being used to purchase property inside California.

That’s it really, a California purchase loan is just that, a loan to purchase something in California. The guys in Sacramento in the state government haven’t come up with any bright new plans to “help” which is a good things of course. As Ronald Reagan (a former Governor of California) pointed out the most frightening words in the English language are “I’m here from the Government and I’m here to help”.

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Rates as of Sunday, September 07, 2008

Institution Rate % APR
eloan 5.875 5.911
indymac 5.875 6.033
wellsfargo 5.875 6.051

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At City Light Financial our loans are easy to qualify for and include competitive rates. We look at your personal situation and custom-design a loan that works for you. You can lower the total amount you pay out each month or you can even arrange to have extra cash. Here's what you can get with a City Light Financial loan: