The Best Mortgage Lenders in Pasadena, CA
Compare verified mortgage lenders serving Pasadena, California. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Pasadena
Featured Mortgage Lenders
CrossCountry Mortgage
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a top-rated lender in Pasadena known for its exceptional customer service, competitive interest rates, and streamlined loan processing. With over 20 years of experience, they offer a wide range of loan products and have built a strong reputation for reliability and personalized assistance, making them a preferred choice for homebuyers in the area. Their local branch provides dedicated support and expertise in the Southern California market.
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New American Funding
New American Funding
New American Funding is a highly regarded mortgage lender serving Pasadena with a focus on diverse loan options and community-oriented service. Founded in 2003, they have earned high marks for their competitive rates, efficient closing processes, and commitment to customer satisfaction. They are particularly noted for their efforts in supporting first-time homebuyers and offering specialized programs, backed by strong local and national presence.
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American Pacific Mortgage
American Pacific Mortgage Corporation
American Pacific Mortgage is a premier lender with a strong track record in the Pasadena area, praised for its integrity, expert guidance, and wide array of mortgage solutions. Established in 1996, they have over 27 years of experience and are known for their responsive customer service and ability to handle complex loan scenarios. Their dedication to building long-term client relationships and deep knowledge of the California market makes them a trusted option for homeowners.
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Frequently Asked Questions
Common questions about mortgage lending in Pasadena, CA
What are current mortgage rates like for homes in Pasadena, CA?
Pasadena mortgage rates typically run slightly higher than national averages due to California's high-cost housing market and Pasadena's desirable location. As of late 2024, rates for 30-year fixed mortgages in Pasadena generally range from 6.5% to 7.25%, depending on credit score, loan amount, and property type. It's wise to compare rates from multiple local lenders as Pasadena's competitive real estate market often requires quick financing decisions.
Are there any first-time homebuyer programs specific to Pasadena?
Yes, Pasadena homebuyers can access the Pasadena Homebuyer Assistance Program, which offers down payment assistance up to $75,000 for income-qualified buyers. Additionally, the City of Pasadena partners with the California Housing Finance Agency (CalHFA) to provide special loan programs with below-market interest rates. These programs are particularly valuable given Pasadena's median home prices exceeding $1 million.
How does Pasadena's historic preservation ordinance affect mortgage lending?
If you're purchasing a home in one of Pasadena's historic districts (like Bungalow Heaven or Madison Heights), lenders may require additional inspections and documentation. Some lenders may have stricter requirements for historic properties, and renovation loans often need approval from Pasadena's Historic Preservation Commission. It's crucial to work with a lender experienced in Pasadena's historic property regulations.
What special considerations should I know about condominium financing in Pasadena?
Pasadena has many older condominium buildings that may not meet conventional lending guidelines due to factors like high rental concentrations or deferred maintenance. FHA and VA loans can be particularly challenging for Pasadena condos unless the building is on the HUD approved list. Many downtown Pasadena condos require conventional financing and may have higher down payment requirements (15-25%).
How do Pasadena's high property values impact jumbo loan requirements?
With Pasadena's conforming loan limit at $1,149,825 for 2024, most home purchases require jumbo loans. Pasadena jumbo loans typically require excellent credit (740+), larger down payments (20-30%), and significant cash reserves (6-12 months of payments). Local lenders familiar with Pasadena's luxury market often offer more flexible jumbo terms than national banks, including lower reserve requirements for high-income buyers.
Nearby Cities
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Why Choose a Mortgage Lender in Pasadena?
Local Market Knowledge
Lenders who understand Pasadena'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 Pasadena and get competitive rates on your home loan.