Los Angeles is the most populous city in California and the second most populous city in the United States, after New York City. The city considered the cultural, financial, and commercial center of Southern California, in addition to the entertainment industry, particularly, Hollywood. Apart from entertainment, this region is home to a number of major industries, including aerospace, bioscience, fashion, tourism, IT, advanced transportation, and manufacturing.
The median sale price of houses in Los Angeles rose to $620K in March from only $602K in February, according to the latest data provided by Redfin. Despite this, the city enjoys interest rates lower than the national average of 4.4%. Realtors expect the low mortgage rates and easing home prices—which peaked at $635K in June 2018—to attract buyers once more.
As of Friday, April 26, 2019, the mortgage rates in Los Angeles are 4.082% for a 30-year fixed mortgage and 3.552% for a 15-year period. For adjustable-rate mortgages (ARM), the rate is 3.782%.
New American. New American is known for its fast loan closing times, good customer service, and services not available in other banks, such as zero overlays, manual underwriting, and nontraditional credit evaluation, which is ideal for certain borrowers. It also offers FHA and VA loans. New American has several branches in Los Angeles.
Quicken Loans. This lender has over 30 years of experience in the industry and the best in customer satisfaction for 9 consecutive years, according to J.D. Power. Quicken Loans offers a FHA and VA loans, fixed- and adjustable rate loans, mortgage refinancing, and jumbo loans. The firm has over 3,000 mortgage bankers, each of which acts as a single point of contact for the borrower throughout the process.
Vylla. Vylla is an ideal choice for borrowers with low credit scores. The company has FHA, USDA, and VA loans, but is more lenient when it comes to down payments, lower credit scores, and high debt-to-income ratios. It also considers non-traditional credit metrics, such as rent payment history, when evaluating borrowers.
J.G. Wentworth. This lender has veterans in mind owing to its origins of being a company founded by veterans, but it also has something for other borrowers, particularly those in the low and middle income brackets. It offers FHA, USDA, and VA loans; its adjustable-rate loans come in 3/1, 5/1, 7/1, and 10/1; and has loan programs for qualified low- to moderate-income earners.
Flagstar Bank. Flagstar is among the top lenders in the country in terms of home equity products, in addition to construction mortgages and government loan programs. It offers HELOCs, which offers a line of credit that requires interest payments for the outstanding balance. The company also considers alternative credit data, such as rent payments.
Rocket Mortgage. Rocket Mortgage applications can be done purely online, which makes it ideal for those who prefer to do business transactions with their smart devices. With your approval, it can access asset statements from almost every financial institution and tell you the amount you can loan in minutes. The company offers the typical loan products of non-bank lenders, such as fixed- and adjustable-rate loans and government backed mortgages.