The Best Mortgage Lenders in Gilroy, CA
Compare verified mortgage lenders serving Gilroy, California. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Gilroy
Featured Mortgage Lenders
Guild Mortgage - Gilroy Branch
Guild Mortgage Company
Guild Mortgage's Gilroy branch stands out as one of the highest-rated local mortgage lenders serving Santa Clara County. With deep roots in the community and over 60 years of industry experience nationwide, this branch specializes in serving both first-time homebuyers and experienced property investors. They offer personalized service with local loan officers who understand Gilroy's unique real estate market, competitive rates on conventional and government-backed loans, and a reputation for smooth closings. Their extensive experience with California's specific lending requirements and strong customer satisfaction ratings make them a top choice for Gilroy residents.
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Bay Equity Home Loans - Morgan Hill
Bay Equity Home Loans
Located just minutes from Gilroy in neighboring Morgan Hill, Bay Equity Home Loans has built an exceptional reputation throughout Santa Clara County. As a Redfin Platinum Partner and consistently ranked among the top mortgage lenders in the Bay Area, they offer highly competitive rates and exceptional customer service. Their local team understands the South County market dynamics and provides personalized guidance through the entire mortgage process. With numerous industry awards and outstanding customer reviews highlighting their responsiveness and expertise, they serve as a premier mortgage option for Gilroy homebuyers seeking both conventional and specialized loan products.
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Star One Credit Union
Star One Credit Union
As one of the largest credit unions serving Silicon Valley and the greater South Bay area, Star One Credit Union has been a trusted mortgage lender for Gilroy residents for decades. Known for their competitive member rates, low fees, and exceptional customer service, they offer a comprehensive range of mortgage products with the added benefit of local decision-making. Their first-time homebuyer programs and specialized lending options are particularly well-regarded, and their longstanding presence in Santa Clara County ensures they understand local market conditions. With consistently high ratings for both mortgage services and overall member satisfaction, they provide a reliable, community-focused alternative to traditional banks.
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Frequently Asked Questions
Common questions about mortgage lending in Gilroy, CA
What are the current mortgage rates like in Gilroy, CA?
Mortgage rates in Gilroy typically align with national averages but can be slightly higher than the national median due to California's high-cost housing market. As of late 2024, rates for 30-year fixed mortgages in Gilroy generally range from 6.5% to 7.25%, depending on credit score and loan type. It's important to shop multiple local lenders as rates can vary significantly between institutions.
Are there any first-time homebuyer programs specifically available in Gilroy?
Yes, Gilroy homebuyers can access several California-first time homebuyer programs including the CalHFA FHA program and MyHome Assistance Program, which provide down payment assistance. Additionally, Santa Clara County offers its own Affordable Homeownership Program that includes Gilroy residents, providing secondary loans for down payment and closing costs to income-qualified buyers.
How does Gilroy's agricultural surroundings affect mortgage lending requirements?
Properties near Gilroy's agricultural areas may require additional inspections and disclosures due to potential pesticide drift concerns from surrounding farms. Lenders might require specific environmental assessments for properties in these zones, and some may have stricter appraisal requirements. It's important to work with a lender familiar with Gilroy's unique agricultural-urban interface.
What is the typical down payment needed for a home in Gilroy's current market?
In Gilroy's competitive market, conventional loans typically require 10-20% down payments to make offers more competitive, though FHA loans allow for as little as 3.5% down. Given Gilroy's median home price of approximately $900,000, even a 10% down payment represents around $90,000, making down payment assistance programs particularly valuable for local buyers.
Are there any special mortgage considerations for buying a home in Gilroy's older downtown area?
Yes, homes in Gilroy's historic downtown district often require specialized lending considerations. Many properties were built before 1978 and may need lead-based paint disclosures, and some older homes might not meet current FHA/VA property requirements. Consider a conventional loan or specialized renovation loan if the property needs significant updates, and ensure your appraisal accounts for the unique character of historic homes.
Why Choose a Mortgage Lender in Gilroy?
Local Market Knowledge
Lenders who understand Gilroy'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 Gilroy and get competitive rates on your home loan.