The Best Mortgage Lenders in Cambria, CA
Compare verified mortgage lenders serving Cambria, California. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Cambria
Featured Mortgage Lenders
American Pacific Mortgage
American Pacific Mortgage Corporation
American Pacific Mortgage is a highly-rated regional lender with a strong presence on the Central Coast, including Cambria. Founded in 1996, they have built a reputation for exceptional customer service, competitive rates, and personalized loan solutions. With over 25 years of experience, they specialize in a wide range of loan types and are known for their reliability and deep community involvement in San Luis Obispo County. Their local office ensures easy access for Cambria residents seeking mortgage services.
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New American Funding
New American Funding
New American Funding is a nationally recognized mortgage lender with a strong track record of serving California communities, including Cambria. Founded in 2003, they boast high customer satisfaction ratings due to their competitive rates, diverse loan options, and commitment to inclusive lending. They offer both in-person and online services, with agents available throughout the state, making them a top choice for borrowers in the Central Coast region seeking reliability and excellent support.
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loanDepot
loanDepot, LLC
loanDepot is a leading non-bank mortgage lender known for its innovative technology and competitive pricing, serving borrowers in Cambria and across California. Established in 2010, they have grown rapidly by offering a streamlined, digital-first experience without sacrificing personalized service. With a focus on customer satisfaction and a wide array of loan products, loanDepot provides efficient and transparent mortgage processes, backed by strong reviews and a solid reputation in the industry.
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Frequently Asked Questions
Common questions about mortgage lending in Cambria, CA
What are the current mortgage rates like in Cambria, CA compared to the national average?
Mortgage rates in Cambria are typically very close to the national average, but can be slightly influenced by the local market's competitive nature and the higher median home prices in this coastal community. It's wise to compare rates from both local credit unions, like Coastline Credit Union, and national lenders to find the best deal. The unique character of Cambria's real estate, with many older homes, can sometimes affect the final rate offered.
Are there any special loan programs for first-time homebuyers in Cambria?
While Cambria itself doesn't offer city-specific programs, California Statewide first-time homebuyer programs like the CalHFA FHA loan or MyHome Assistance Program are widely accessible here. These programs can provide down payment assistance and favorable terms, which is crucial in a market where the median home price is significantly above the state average. Working with a lender experienced in these state programs is highly recommended.
How does Cambria's location in a high fire risk area affect the mortgage process?
Cambria's designation as a high fire risk area directly impacts your mortgage by requiring separate and often costly wildfire insurance. Lenders will mandate this coverage as a condition of your loan, which can add hundreds of dollars to your monthly housing payment. It's essential to get insurance quotes early in the home-buying process to accurately understand your total monthly obligation.
What is the typical down payment needed for a home in Cambria?
Given Cambria's premium real estate market with a median sale price often exceeding $1 million, a standard 20% down payment is common to avoid private mortgage insurance (PMI) and secure the best rates. For a median-priced home, this translates to a down payment of $200,000 or more. Jumbo loans, which have stricter requirements, are frequently used for financing in this area.
Are there any local grants or assistance for purchasing a historic home in Cambria?
While there are no specific mortgage grants, purchasing a home in Cambria's historic East Village may qualify you for the Mills Act Program, which can significantly reduce your annual property taxes. This tax savings effectively lowers your long-term cost of homeownership. You should work with a real estate agent and lender familiar with this program to understand how it impacts your debt-to-income ratio and loan qualification.
Why Choose a Mortgage Lender in Cambria?
Local Market Knowledge
Lenders who understand Cambria's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in California.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Cambria and get competitive rates on your home loan.