Aside from Hawaii and the District of Columbia, California ranks as the most expensive state to live. The Housing Cost Index is among the highest nationally, but despite the high costs, there’s something about living in the Golden State that can’t be beat. Whether it’s in Los Angeles, San Francisco, San Diego, Napa Valley, or virtually anywhere in California, you’ll be hard-pressed to find someone who wants to move out of the state.
But housing costs truly are exceptionally high. As of May 2021, California’s single-family homes sold for an average of nearly $814,000. Condos and townhomes were also above average at $570,000 according to the California Association of Realtors. Transaction volumes are also occurring at a blistering pace compared with the same time in 2020 whether for conventional loans or jumbo mortgages.
All the action in the real estate market indicates two things: California is a phenomenal state to call home, and you need one of the top mortgage lenders in California on your team when you buy a home. That’s where MBANC enters the picture.
More non-conforming loan types than anywhere else
With an average transaction price in excess of $800,000 and the highest population of any state, California makes up the largest portion of non-conforming loans in the nation. Since these high-balance loans can’t be resold to Fannie Mae and Freddie Mac, mortgage companies often have a more stringent application process for jumbo loan products and services. Although places like Quicken Loans (or Rocket Mortgages) and Bank of America might offer loan programs to match, the number of products is limited.
MBANC offers a massive range of mortgage options like Bank Statement loans, 1099-only mortgages, prime and super-prime jumbo loans, and rental income mortgages.
Easy approvals by MBANC
Again, a lender offers mortgages in their advertisements, but that certainly doesn’t mean you’ll be approved at face value. Although credit score, your DTI ratio based on obligations like car loans and credit cards, and the home loan compared with its value (LTV ratio) factor in, there’s a limited amount of credit available from banks and mortgage lenders who may not be able to re-sell the mortgage to a third party.
MBANC offers approvals in the mortgage process based on its merits, not a percentage of the total loan values in our portfolio. We specialize in mortgages where applicants have non-traditional income streams like self-employment or investment income, especially in instances where other financial institutions might’ve already rejected your application.
Personal service by actual MBANC team members
For big banks and the majority of lenders, a loan officer will oversee your application and communicate in the name of “customer service”. But the underwriting process is almost always performed by a firm outside of the bank with no vested interest in seeing the full picture – just what the provided documents can support.
At MBANC, every call or email is fielded by an actual MBANC team member because we want to earn your business. Underwriting for every application is completed in-house, exploring business and personal income as well as bank statements and tax returns with the goal of getting you approved.
Find out how MBANC can serve you
At MBANC, your California home purchase is within reach. With competitive interest rates, amazing terms (ask about our 10-year interest-only mortgage!), fast closes, and friendly, personal service, why try anywhere else for your mortgage?