Santa Monica is a resort city bordered by Los Angeles in California. It is home to more than 89,700 people based on the latest survey. The city has a thriving tourism industry owing to its location. 2017 was considered a banner year for the city as visitor spending reached $1.96 billion, a significant 5.1% increase. Tourism supports 13,345 jobs in the city.
Because of its location, housing prices are far from affordable, with the median sale price reaching $1.5 million in March from $1.3 million in February, according to data from Redfin. Santa Monica houses are not cheap, which makes it the perfect seller’s market. According to Payscale, housing cost in the area is 362% higher than the national average.
As of Friday, April 26, 2019, the mortgage rates in Santa Monica are 4.29% for a 30-year fixed mortgage and 3.84% for a 15-year period. For adjustable-rate mortgages (ARM), the rate is 4.79%.
Julie Aragon. Named after its founder, Julie Aragon is a team of mortgage brokers that offers multiple mortgage options and loans from an equally large number of banks. The company is based in Santa Monica and has enabled the release of about $553 million in funding for its clients. Julie Aragon combines online application with face-to-face consultation. It is the highest-rated lender in the Santa Monica vicinity.
Rocket Mortgage. Rocket Mortgage is offered by Quicken Loans. The company allows for quick applications and approvals, thanks to its online system that can access numerous a massive library of financial information in minutes. Sign up is free and the system can be used for one’s own research. With regard to products, the company has conventional and government-backed mortgages available for purchase or refinancing and with varying rates.
New American. This lender is perfect for borrowers who require to be evaluated with metrics other than their credit score. It uses manual underwriting to assess creditworthiness and encourages borrowers who have non-traditional credit histories. New American offers various loan products, including purchase, refinance, jumbo, and interest-only mortgages, in addition to government backed loans and down payment assistance for low-income borrowers.