The Best Mortgage Lenders in LA, CA
Compare verified mortgage lenders serving LA, California. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in LA
Featured Mortgage Lenders
Jason Kerman
CrossCountry Mortgage, LLC
CrossCountry Mortgage's Beverly Hills office is one of the highest-rated mortgage lenders serving the Los Angeles area, with Jason Kerman leading a team known for exceptional customer service and competitive rates. With over two decades of experience, they specialize in navigating LA's complex real estate market, offering personalized guidance through conventional, FHA, VA, and jumbo loans. Their strong local presence and extensive industry relationships enable them to provide efficient loan processing and closing services throughout Southern California.
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Kinecta Federal Credit Union
Kinecta Federal Credit Union
As one of Southern California's largest and most established credit unions, Kinecta has been serving the Los Angeles community for over eight decades. They consistently receive high marks for competitive rates, personalized service, and member-focused approach. With multiple branches throughout the LA metropolitan area, they offer comprehensive mortgage solutions including specialized programs for first-time homebuyers and competitive jumbo loan options. Their not-for-profit structure often allows for lower fees and better terms than traditional banks.
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Rick Soukoulis
New American Funding
New American Funding's Pasadena office, led by experienced mortgage professional Rick Soukoulis, serves the greater Los Angeles area with exceptional dedication and expertise. As a direct lender with in-house underwriting and funding, they provide faster closings and more personalized service than many competitors. They're particularly noted for their innovative loan programs and strong commitment to diverse communities, offering bilingual services and specialized products. Their extensive experience with LA's unique real estate market makes them a top choice for both purchase and refinance transactions.
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Frequently Asked Questions
Common questions about mortgage lending in LA, CA
What are the current mortgage rates like in Los Angeles, and how do they compare to national averages?
Mortgage rates in Los Angeles are typically very competitive but can be slightly higher than the national average due to the high cost of living and elevated home prices in the market. It's common to see rates vary significantly between lenders, so comparing offers from local credit unions, large banks, and mortgage brokers is essential. Additionally, jumbo loans, which are common for LA's expensive housing, often carry different rates than conventional conforming loans.
Are there any first-time homebuyer programs specific to Los Angeles that can help with down payments?
Yes, the City of Los Angeles offers programs like the Low Income Purchase Program (LIPP), which provides deferred-payment, low-interest loans to assist with down payment and closing costs for eligible first-time buyers. The California Housing Finance Agency (CalHFA) also has statewide programs that are widely used in LA, offering down payment assistance and favorable terms for qualifying buyers with moderate incomes.
How does the high cost of homes in LA affect the type of mortgage I might need?
Given that the median home price in Los Angeles far exceeds the conforming loan limits, many buyers need jumbo loans, which have stricter credit and reserve requirements. You'll typically need a higher credit score, a lower debt-to-income ratio, and more cash reserves than for a conventional loan. It's important to work with a lender experienced in LA's jumbo market to navigate these requirements smoothly.
What special considerations should I be aware of when getting a mortgage for a condo in Los Angeles?
Condo financing in LA can be tricky because lenders often require that the homeowners' association (HOA) meets specific criteria, such as having adequate reserves and a low percentage of renters. Some older buildings might not be approved by FHA or even conventional lenders, limiting your loan options. Always check the HOA's financial health and pending litigation before making an offer, as these can impact your ability to secure a loan.
How do property taxes in Los Angeles County impact my monthly mortgage payment?
Property taxes in Los Angeles County are generally 1.25% of the purchase price, plus additional voter-approved bonds and assessments, which can bring the effective rate closer to 1.4%. These taxes are typically included in your monthly mortgage payment through an escrow account. It's important to budget for this, as even a small increase in the tax rate can significantly affect your overall housing costs in a high-value market like LA.
Why Choose a Mortgage Lender in LA?
Local Market Knowledge
Lenders who understand LA'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 LA and get competitive rates on your home loan.