The Best Mortgage Lenders in LB, CA
Compare verified mortgage lenders serving LB, California. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in LB
Featured Mortgage Lenders
SchoolsFirst Federal Credit Union
SchoolsFirst Federal Credit Union
As California's largest credit union serving educational communities, SchoolsFirst has an exceptional reputation for mortgage lending throughout Southern California including Long Beach. With consistently high customer satisfaction ratings, they offer competitive rates and personalized service. Their extensive experience (over 85 years) and member-focused approach make them a top choice for educators and their families in the LB area. They provide comprehensive mortgage counseling and have multiple branches serving the greater Long Beach region.
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Kinecta Federal Credit Union
Kinecta Federal Credit Union
Kinecta has a strong physical presence in the Long Beach area with their Signal Hill branch conveniently located near downtown LB. As one of Southern California's largest credit unions with over 80 years of service, they offer highly competitive mortgage rates and exceptional member service. Their mortgage specialists are known for providing personalized guidance through the entire homebuying process. Kinecta consistently receives high marks for their responsive service, local decision-making, and community involvement throughout the Long Beach region.
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Guild Mortgage Company
Guild Mortgage Company - Huntington Beach Branch
Guild Mortgage is a nationally recognized mortgage lender with strong Southern California presence, actively serving the Long Beach market from their nearby Huntington Beach office. With six decades of experience, they offer a wide range of loan products and are particularly noted for their exceptional customer service and streamlined digital mortgage process. Guild consistently receives high ratings for their knowledgeable loan officers, competitive rates, and ability to close loans efficiently. Their local team has extensive experience with the Long Beach housing market and provides personalized service throughout the entire mortgage process.
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Frequently Asked Questions
Common questions about mortgage lending in LB, CA
What are the current mortgage rates like in Long Beach, CA, and how do they compare to national averages?
Mortgage rates in Long Beach are typically very close to the national average but can be slightly higher due to California's high cost of living and competitive housing market. As of late 2023, rates for a 30-year fixed mortgage in Long Beach generally range between 6.5% and 7.5%, but it's crucial to get personalized quotes from local lenders as rates fluctuate daily based on the borrower's financial profile.
Are there any special first-time homebuyer programs available specifically for Long Beach residents?
Yes, the City of Long Beach offers its own "Home Ownership Promotion Program" (HOPP), which provides deferred-payment, low-interest loans to assist with down payment and closing costs for eligible first-time buyers. Additionally, the statewide CalHFA MyHome Assistance Program is widely used in Long Beach, offering a deferred-payment junior loan for up to 3.5% of the purchase price to help with down payment.
How does Long Beach's coastal location impact the mortgage process and requirements?
Long Beach's coastal location can introduce specific requirements, particularly for properties in flood zones. Lenders will often require a separate flood insurance policy in addition to standard homeowner's insurance, which becomes a mandatory part of your monthly mortgage payment. It's essential to check FEMA flood maps for your specific property and factor this additional cost into your homebuying budget.
What is the typical down payment needed to buy a home in Long Beach's competitive market?
While a 20% down payment is ideal to avoid private mortgage insurance (PMI), it is not always feasible in Long Beach's high-priced market. Many buyers successfully purchase homes with down payments as low as 3% for conventional loans or 3.5% for FHA loans. However, with median home prices often exceeding $800,000, even a 5-10% down payment can represent a significant sum, making local down payment assistance programs highly valuable.
Are jumbo loans common in Long Beach, and what should I know about them?
Jumbo loans are extremely common in Long Beach because the conforming loan limit for Los Angeles County ($1,089,300 in 2024) is often exceeded by the city's home prices. Jumbo loans typically require stronger financial credentials, including a higher credit score (often 700+), a lower debt-to-income ratio, and more substantial cash reserves—sometimes 6-12 months of mortgage payments—in addition to a larger down payment.
Why Choose a Mortgage Lender in LB?
Local Market Knowledge
Lenders who understand LB'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 LB and get competitive rates on your home loan.