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California being one of the richest and most popular states in the United States claims higher mortgage rates compared to other states.However, the State government, in line with their unfailing quest provide their residents a decent home or provide other livelihood loans are giving out some adjustments with their rates, especially if you have an excellent credit score.

California’s mortgage rates range from 5.489 % to 6.373% to date, that which is based on a 5 year term to a 30 years term respectively. These are also in lieu with California’s existing laws regarding adjustable rate mortgage. For such terms, payment per month could be as low as $500 or could be as high as $900 each depending on your choice. There’s also the Home equity loan and the refinancing that California provides depending on a residents points, credit standing and the line of credit one has.

California’s mortgage rates nowadays have become higher due to the Statewide recession and bankruptcy of several banks and establishments. Although, the state Government led by none other than Mr. Arnold Schwarzenegger himself, are making amendments on how to subdivide or adjust the mortgage rates in such a way that Californians would still be able to pay their dues without hurting their pocket that much.

There are several sites online where a prospective buyer or someone who’s looking forward to getting a loan in California, can check and calculate their fees and mortgage rates to help them decide whether to buy or rent a home. This is very useful especially nowadays, due to the economic recession.