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First Time Home Buyers Find Housing Affordable in California
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
First Time Home Buyers Find Housing Affordable in California
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
First Time Home Buyers Find Housing Affordable in California
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Mortgage Rates
Home Buying Tips
Home Selling Tips
About Mortgages
Mortgage Calculator
Mortgage Rates

February 15, 2011 (Shirley Allen)
mortgage-excited-image
The California Association of Realtors (CAR) reports that first time home buyer affordability matched or set new record levels in all regions of the state in the fourth quarter. CAR claims that historic low rates and declining home prices pushed housing affordability to surpass or maintain current levels in quarter over quarter and year over year comparisons statewide.

According to CAR’s First Time Buyer Housing Affordability Index (FTB-HAI), the percentage of first time buyers who could afford an entry-level home rose to 69 percent in the fourth quarter of 2010, outpacing the third quarter of 2010 at 66 percent and far above the fourth quarter of 2009 at 64 percent.

“With incomes better aligned with home prices during the fourth quarter, affordability matched or exceeded record-high levels across the counties and regions of the state,” said C.A.R. President Beth L. Peerce. “While this is an encouraging development, prospective home buyers want to see a recovery in the economy and have more confidence in their own personal situation before they’re willing to take advantage of higher affordability.”

Affordability in the fourth quarter was assisted by mortgage rates that were more than one percentage point lower than the previous year. First-time buyers, who typically purchase homes equal to 85 percent of an area’s prevailing median price, needed to earn a minimum annual income of $39,600 to qualify for the purchase of an entry-level home of $256,220 during the fourth quarter. The monthly payment, including taxes and insurance, was $1,320, assuming a 10 percent down payment and an adjustable effective interest rate of 3.39 percent.

The most affordable area in the state was the High Desert region at 85 percent. The Bay area continued to be the least affordable with San Francisco continuing to be at the bottom of the list at 55 percent. San Luis Obispo County and Santa Clara County regions followed with 55 and 57 percent respectively.

Tags: car, home affordability, low mortgage rates, first time homebuyers, affordability index, entry level homes

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

February 15, 2011 (Shirley Allen)
mortgage-excited-image
The California Association of Realtors (CAR) reports that first time home buyer affordability matched or set new record levels in all regions of the state in the fourth quarter. CAR claims that historic low rates and declining home prices pushed housing affordability to surpass or maintain current levels in quarter over quarter and year over year comparisons statewide.

According to CAR’s First Time Buyer Housing Affordability Index (FTB-HAI), the percentage of first time buyers who could afford an entry-level home rose to 69 percent in the fourth quarter of 2010, outpacing the third quarter of 2010 at 66 percent and far above the fourth quarter of 2009 at 64 percent.

“With incomes better aligned with home prices during the fourth quarter, affordability matched or exceeded record-high levels across the counties and regions of the state,” said C.A.R. President Beth L. Peerce. “While this is an encouraging development, prospective home buyers want to see a recovery in the economy and have more confidence in their own personal situation before they’re willing to take advantage of higher affordability.”

Affordability in the fourth quarter was assisted by mortgage rates that were more than one percentage point lower than the previous year. First-time buyers, who typically purchase homes equal to 85 percent of an area’s prevailing median price, needed to earn a minimum annual income of $39,600 to qualify for the purchase of an entry-level home of $256,220 during the fourth quarter. The monthly payment, including taxes and insurance, was $1,320, assuming a 10 percent down payment and an adjustable effective interest rate of 3.39 percent.

The most affordable area in the state was the High Desert region at 85 percent. The Bay area continued to be the least affordable with San Francisco continuing to be at the bottom of the list at 55 percent. San Luis Obispo County and Santa Clara County regions followed with 55 and 57 percent respectively.

Tags: car, home affordability, low mortgage rates, first time homebuyers, affordability index, entry level homes

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

February 15, 2011 (Shirley Allen)
mortgage-excited-image
The California Association of Realtors (CAR) reports that first time home buyer affordability matched or set new record levels in all regions of the state in the fourth quarter. CAR claims that historic low rates and declining home prices pushed housing affordability to surpass or maintain current levels in quarter over quarter and year over year comparisons statewide.

According to CAR’s First Time Buyer Housing Affordability Index (FTB-HAI), the percentage of first time buyers who could afford an entry-level home rose to 69 percent in the fourth quarter of 2010, outpacing the third quarter of 2010 at 66 percent and far above the fourth quarter of 2009 at 64 percent.

“With incomes better aligned with home prices during the fourth quarter, affordability matched or exceeded record-high levels across the counties and regions of the state,” said C.A.R. President Beth L. Peerce. “While this is an encouraging development, prospective home buyers want to see a recovery in the economy and have more confidence in their own personal situation before they’re willing to take advantage of higher affordability.”

Affordability in the fourth quarter was assisted by mortgage rates that were more than one percentage point lower than the previous year. First-time buyers, who typically purchase homes equal to 85 percent of an area’s prevailing median price, needed to earn a minimum annual income of $39,600 to qualify for the purchase of an entry-level home of $256,220 during the fourth quarter. The monthly payment, including taxes and insurance, was $1,320, assuming a 10 percent down payment and an adjustable effective interest rate of 3.39 percent.

The most affordable area in the state was the High Desert region at 85 percent. The Bay area continued to be the least affordable with San Francisco continuing to be at the bottom of the list at 55 percent. San Luis Obispo County and Santa Clara County regions followed with 55 and 57 percent respectively.

Tags: car, home affordability, low mortgage rates, first time homebuyers, affordability index, entry level homes

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.