Best Mortgage Lenders in Los Angeles, CA
Buying a home in Los Angeles is both intimidating and exciting, but finding the right home loan makes everything easier. This guide covers the basics of getting a mortgage in LA, including California mortgage rates, different types of loan options, home prices and a list of the best mortgage lenders in Los Angeles.
Top 10 Los Angeles Mortgage Companies
|Mr. Cooper||Read 8,966 Reviews|
Offers conventional, FHA, VA and jumbo home loans nationwide. Refinances homes with FHA Streamline and VA IRRRL (interest rate reduction refinance loan). Provides convenient app. No online payment fees. Non-bank mortgage servicer.
|Toll free number (844) 505-4810|
|Vanderbilt Mortgage||Read 1,874 Reviews|
Specializes in financing for new or used manufactured, modular and mobile homes. Provides conventional, land-home, FHA and biweekly advantage mortgages. Down payments start at 3.5% of the total purchase price.
|Toll free number (855) 976-1445|
|ClearPath Lending||Read 838 Reviews|
Offers FHA, VA, conventional and jumbo loans for purchase, plus mortgage refinancing options. Lets customers track loan progress via an online portal. Funds most loans within 30 days.
|Toll free number (855) 980-6844|
|AmeriSave Mortgage||Read 2,830 Reviews|
Provides FHA, VA, USDA and jumbo purchase loans plus cash-out refinancing options. Gives accurate quotes within minutes. Prequalify and close in as little as 25 days. Direct mortgage lender.
|Toll free number (855) 794-5993|
|Guaranteed Rate Mortgage||Read 136 Reviews|
Offers FHA, VA, jumbo and interest-only mortgages. Borrowers get interest rate guarantee before interest rate lock. Provides 15- or 30-year fixed and 5/7 ARM. Requires a 1% down payment for Double Match program.
|Hillhurst Mortgage||Read Expert Review|
Offers VA loans with no money down, FHA loans with a minimum of 3.5% down and conventional, first-time homebuyer programs with 3% down. Handles non-conforming loans and non-QM, low-income documentation.
|HML Investments||Read Expert Review|
Provides private money lending. Serves Los Angeles residents with low credit scores. Offers conventional home loans. Assesses and approves loan applications within days.
|Mortgage Capital Partners||Read Expert Review|
Originates Fannie Mae, Freddie Mac and FHA-insured loans. Offers fixed mortgage rates on 10- to 30-year loans and FHA down payments as low as 3.5%. Has other loan options, including adjustable-rate and reverse mortgages.
|OGI Mortgage Bankers||Read Expert Review|
Offers conventional, fixed-rate mortgages for up to $424,100 with as little as 5% down and FHA loans with 15- or 30-year fixed rates with 3.5% down. Provides loan options, including FHA, VA, USDA and adjustable-rate mortgages.
|Vault Mortgage Group||Read Expert Review|
Closes loans in 30 days or less. Offers low down payment on 15- and 30-year fixed, FHA, VA and jumbo home loans. FHA loan qualifications include a credit score of at least 580 with a minimum of 3.5% down.
Los Angeles mortgage rates and trends
In Los Angeles, median sale prices have been on the uptick since 2012, and most projections show them increasing in the future, too.
|Location||Median home price|
Current mortgage rates in California change frequently, so it’s best to check them using this tool from the Consumer Finance Protection Bureau. Although interest rates are usually lower in Los Angeles than the national average, the price of housing in Los Angeles is significantly higher. There are many more expenses that go into homeownership than just the mortgage rate and down payments, so it’s important to find an affordable area and a mortgage that works best with your finances.
Many factors affect the final amount of your mortgage payment, so it’s useful to have a mortgage calculator so you know what you can afford.
Finding a home loan in Los Angeles, CA
The most common home loans in Los Angeles are 30-year fixed-rate mortgages, followed by adjustable-rate mortgages and 15-year fixed-rate loans. Since the values of homes in California are still trending upward, a 5-1 or 7-1 ARM may help you sell the home to make a quick profit. If you are planning on making your home a long-term investment, a 30-year, fixed-rate loan may be better.
We picked a few areas around Los Angeles to show how location affects your choice of mortgage:
- Long Beach: The area has a large population of upwardly mobile young people. Many Long Beach residents choose FHA loans because of the lenient requirements, and others take advantage of Long Beach’s comparatively low property values to get conventional, conforming mortgages.
- Thousand Oaks: The median home value in Thousand Oaks is $733,400, making housing costs here among the highest in the country. A non-conforming, jumbo loan is probably best for buyers here.
- Glendale: Single-family homes are the second most common type of house in Glendale, with most built after World War II. Considering many homes in Glendale are older houses, homeowners might find a home improvement loan to be a good option.
Federal mortgage requirements in Los Angeles
Conforming loans meet guidelines for how much the government is willing to insure your home loan. The federal maximum changes, and because housing is so expensive in Los Angeles County, the maximum is usually higher here.
If you require a loan that is higher than these limits (which is likely in LA), you can get a jumbo loan. Qualifications for jumbo loans are much stricter because of the higher risk to the loan provider. Maximum conforming loan limits generally won’t cover the cost of homes in the San Fernando Valley or Santa Monica, so consider a jumbo loan if you’re interested in one of those areas.
How to choose a mortgage lender in Los Angeles
Many California lenders claim to have the fastest loan process and lowest mortgage rates, but it’s more important that you shop around to verify this yourself.
- Know your credit score and financial history before applying for loans, as this decreases the chance of surprises.
- Use a mortgage calculator to get a feel for what you can afford, then start the pre-approval process with a handful of lenders. It may feel overwhelming, but it gives you a fairly accurate picture of what you’ll pay.
- As you choose a lender in Los Angeles, keep any special needs in mind. Some companies specialize in helping borrowers with poor credit, while others focus on high-risk jumbo loans.
- Don’t forget to consider your down payment, either. If you know how much you’re preapproved for, calculate what 3%, 5% or 20% down is and see if you can afford that.
- Check the lender’s customer reviews. If you don’t see evidence of the type of service you expect, you might want to move on.
Once you decide on a mortgage company, you can begin the lending process in earnest. The Los Angeles housing market can seem expensive and out of reach, but doing your research and finding the right loan is the most important step to finding your dream home.
Los Angeles home loan FAQ
- What’s a good interest rate in Los Angeles?
- A good mortgage rate is usually between 2% and 4%. Standard interest rates fluctuate, so check current mortgage rates in California to see exactly how your rate compares.
- How quickly can you close on a home in California?
- Many California mortgage companies claim to close in 30 days or less, but closing could take anywhere from 30 to 90 days. If you’re prepared and have all the documents ready, lenders can approve your loan faster.
- What is the average mortgage in Los Angeles?
- The average mortgage in Los Angeles is around $620,000, with monthly payments of just more than $3,000.
- Can you put an offer in for a house without a mortgage in California?
- Technically, yes. You can make an offer on a home, but it would be a contingent offer. A contingent offer is only valid after you get approved, which slows down the homebuying process.
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Los Angeles mortgage company information
Vault Mortgage Group helps first-time homebuyers through the mortgage process. The company puts buyers first by getting them a deal that fits their financial situation. Thanks to its competitive mortgage rates, Vault is one of the largest independent lending companies in the U.S.
- Address: 11845 West Olympic Blvd., Ste. 830, Los Angeles, CA 90064
- Phone: (310) 481-8990
- Hours: M - F: 8am - 6pm
- Website: vaultmtg.com
Hillhurst Mortgage offers personalized service with 24/7 availability. It focuses on educating clients to help them make well-informed decisions. The company helps first-time homebuyers and experienced homebuyers. Hillhurst has no upfront fees, and it doesn’t charge to lock interest rates.
- Address: 1662 Hillhurst Ave., Ste. A, Los Angeles CA 90027
- Phone: (323) 522-1020
- Hours: M - F: 9am - 6pm
- Website: hillhurstmortgage.com
OGI Mortgage Bankers is an independent, full-service, residential mortgage banker. The company is headquartered in Orange County and has branches reaching as far as Las Vegas. OGI has extensive mortgage information on its website to keep customers informed.
- Address: 3250 Wilshire Blvd., Ste. 1600, Los Angeles, CA 90010
- Phone: (213) 739-4332
- Hours: M - F: 9am - 6pm
- Website: ogimb.com
Officers at Mortgage Capital Partners have an average of 20 years of experience, which makes it the preferred lender for many realtors in Los Angeles. The company focuses on consistent communication and offers helpful tools on its website, including a mortgage calculator and various checklists for homebuyers.
- Address: 12400 Wilshire Blvd., Ste. 900, Los Angeles, CA 90025
- Phone: (310) 295-2900
- Hours: M - F: 9am - 5pm
- Website: mortgagecapitalpartners.com
HML Investments doesn’t take credit into consideration when processing loan applications. Instead, the lender focuses on potential customers’ income and equity. It also doesn’t require the standard two years of work experience for self-employed applicants. HML has more than 15 years of experience lending to California and Nevada residents.
- Address: 3151 W. Cahuenga Blvd., Ste. 300, Los Angeles, CA 90068
- Phone: (818) 308-4443
- Hours: M - F: 9am - 5pm
- Website: hmlinvestments.com
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