The Best Mortgage Lenders in Riverside, CA
Compare verified mortgage lenders serving Riverside, California. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Riverside
Featured Mortgage Lenders
Mission San Jose Mortgage
Mission San Jose Mortgage
Mission San Jose Mortgage is a highly-rated local mortgage broker with deep roots in the Riverside community. With over two decades of experience, they specialize in personalized service and competitive rates for Riverside homebuyers. Their team of experienced loan officers provides comprehensive guidance through the entire mortgage process, from pre-approval to closing. They are particularly known for their expertise with first-time homebuyer programs and government-backed loans, earning exceptional customer reviews for their responsiveness and attention to detail.
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SchoolsFirst Federal Credit Union
SchoolsFirst Federal Credit Union
As one of California's largest credit unions, SchoolsFirst serves educational community members throughout Riverside County with exceptional mortgage services. While headquartered in Orange County, they maintain a strong presence in Riverside with multiple branches and dedicated mortgage specialists. Members consistently praise their competitive rates, low fees, and exceptional customer service. Their long-standing reputation for financial stability and member-focused approach makes them a top choice for Riverside homebuyers who qualify for membership through educational employment or family connections.
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Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate maintains a strong physical presence in Riverside with a local branch staffed by experienced mortgage professionals. As a national lender with deep local roots, they combine the efficiency of digital mortgage technology with personalized service from Riverside-based loan officers. They are particularly recognized for their competitive jumbo loan programs and fast closing times. Customers consistently highlight their transparent process, easy-to-use digital platform, and the expertise of their local Riverside team in navigating the Southern California real estate market.
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Frequently Asked Questions
Common questions about mortgage lending in Riverside, CA
What are the current mortgage rates like in Riverside, CA?
Riverside mortgage rates typically run slightly higher than the national average due to the region's competitive housing market and higher cost of living. As of late 2023, rates for 30-year fixed mortgages in Riverside generally range from 6.5% to 7.5%, but can vary based on credit score, loan type, and lender competition. It's important to shop multiple local lenders as rates can differ by 0.25% or more between institutions.
Are there any first-time homebuyer programs specific to Riverside?
Yes, Riverside homebuyers can access several local programs including the City of Riverside's Homebuyer Assistance Program which offers up to $40,000 in down payment assistance. Additionally, the Riverside County Mortgage Credit Certificate program allows qualified buyers to claim up to 20% of their mortgage interest as a federal tax credit annually. These programs are particularly valuable given Riverside's median home prices hovering around $550,000.
How does Riverside's competitive housing market affect mortgage pre-approval?
In Riverside's fast-moving market where multiple offers are common, having a strong pre-approval from a reputable local lender is crucial. Sellers often prefer buyers who use established Riverside County lenders familiar with local appraisal processes and timelines. Consider getting an underwriter-approved pre-approval rather than just a basic pre-qualification, as this demonstrates stronger buying power in competitive bidding situations.
What special mortgage considerations should I know about for Riverside's older neighborhoods?
Many Riverside neighborhoods like the Wood Streets or Magnolia Center feature historic homes that may require specialized financing. For homes built before 1978, you'll need to address lead-based paint disclosures, and older properties might require FHA 203(k) or similar renovation loans if updates are needed. Additionally, homes in designated historic districts may have preservation requirements that affect your renovation plans and financing options.
Are there any local property tax considerations that affect mortgage payments in Riverside?
Riverside County property tax rates typically range from 1.1% to 1.3% of the assessed value, which directly impacts your monthly mortgage payment if taxes are escrowed. New homeowners should also be aware of Mello-Roos taxes that apply to many newer developments in Riverside, which can add significant additional monthly costs. Your lender should help you estimate these taxes accurately during the pre-approval process.
Nearby Cities
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Why Choose a Mortgage Lender in Riverside?
Local Market Knowledge
Lenders who understand Riverside'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 Riverside and get competitive rates on your home loan.