The Best Mortgage Lenders in Santa Monica, CA
Compare verified mortgage lenders serving Santa Monica, California. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Santa Monica
Featured Mortgage Lenders
Brian Decker
CrossCountry Mortgage, LLC
CrossCountry Mortgage is a nationally recognized lender with a strong presence in Southern California. The Beverly Hills branch consistently receives exceptional ratings for their Santa Monica area service, particularly praised for their competitive jumbo loan rates which are crucial in this high-cost market. With over 20 years of experience, they offer personalized service and have expertise in handling complex loan scenarios common in the Santa Monica real estate market. Their team is known for responsive communication and smooth closing processes.
Loan Types:
Jason Kavanagh
Proper Capital
Proper Capital is a Santa Monica-based mortgage brokerage that specializes in serving the local community and surrounding areas. They have built an outstanding reputation for their deep knowledge of the Santa Monica market and ability to secure competitive financing for luxury properties. The company excels at creative financing solutions for self-employed borrowers and high-net-worth individuals, which are common in the Santa Monica area. Their local presence allows for in-person consultations and strong relationships with local real estate professionals.
Loan Types:
Michael Mavromates
Academy Mortgage Corporation
Academy Mortgage has a dedicated Santa Monica branch that has been serving the community for decades. They are particularly strong in government-backed loans and first-time homebuyer programs, while also offering competitive jumbo loan products essential for the local market. The local team has extensive experience with Santa Monica's unique housing challenges and building requirements. They are praised for their educational approach to lending and commitment to ensuring clients understand all aspects of their mortgage options.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Santa Monica, CA
What are the current mortgage rates like in Santa Monica compared to the national average?
Mortgage rates in Santa Monica are typically very competitive but can be slightly higher than the national average due to the high-value real estate market and strong demand. It's important to shop around with both local and national lenders, as some may offer special programs for California's expensive coastal markets that can result in favorable terms.
Are there any special first-time homebuyer programs available specifically for Santa Monica residents?
Yes, the City of Santa Monica offers its own First-Time Homebuyer Assistance Program, which can provide deferred-payment, low-interest loans for down payment and closing costs. Additionally, buyers should explore the California Housing Finance Agency (CalHFA) programs, which are widely used in Santa Monica and offer competitive rates and down payment assistance for eligible buyers.
How does Santa Monica's high median home price affect the type of mortgage I might need?
Given Santa Monica's median home price is well above the conforming loan limit, most buyers will need a jumbo loan. Jumbo loans in Santa Monica often require stronger financial profiles, including higher credit scores, larger down payments (typically 20% or more), and significant cash reserves. It's crucial to work with a lender experienced in California's high-cost markets.
What should I know about property taxes when getting a mortgage in Santa Monica?
Santa Monica property taxes are approximately 1.1% of the purchase price, plus additional voter-approved bonds and assessments. Under Proposition 13, your tax base is established at purchase and can only increase by up to 2% annually. Your mortgage lender will typically set up an impound account to ensure these taxes are paid on time, which is especially important given Santa Monica's high property values.
Are there any local mortgage considerations for buying a condo in Santa Monica?
Yes, condos in Santa Monica often have specific requirements, including higher reserve requirements for the HOA and potential restrictions on rental units. Lenders will carefully review the HOA's financial health and occupancy rates, which can affect loan eligibility. Some coastal properties may also have additional insurance requirements that could impact your total monthly payment calculation.
Nearby Cities
Explore mortgage lenders in cities near Santa Monica, CA
Why Choose a Mortgage Lender in Santa Monica?
Local Market Knowledge
Lenders who understand Santa Monica'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 Santa Monica and get competitive rates on your home loan.