Compare mortgage rates and fees for leading lenders in Lake, CA. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Lake.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Lake. Plus, shopping lenders is free and there is no obligation.
May 31, 2020
The current average rate for a 30 year fixed rate mortgage in Lake is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Lake. Understand how much you need to earn to afford a home in Lake, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Lake fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Lake is right for you.
The median home value for Lake, CA is $246,390
Based on current mortgage rates and a 10% down payment, you need to make $44,344 per year to buy the median priced home in Lake
With this income, you could qualify for a $221,751 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Lake is $1,027
The median household income for Lake, CA is $42,656
Based on this income, you can afford a home valued at approximately $237,012
The home price you can afford to buy based on household income in Lake is 96% of the median home value which means housing prices are expensive. Lake ranks 23 out of 58 counties in California and 3,015 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Lake, CA is expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lake below.
Conforming loan limits for Lake, CA
FHA loan limits for Lake, CA
VA loan limits for Lake, CA