Orange County was the sixth most-populous county in California, with a population of 3,185,968. It is also the second-most densely populated county in the state of California. The County is part of the Los Angeles-Long-Beach-Anaheim MSA and has 34 incorporated cities. Orange County is considered a tourist destination, with attractions like Disneyland, Knott’s Berry Farm, and numerous beach resorts along its extensive coastline.
According to the US Census Bureau, the total number of housing units occupied by an owner or co-owner was 418,067 in 2018. The median value during the period was $724,900. Value is defined as the estimate of how much a property is worth it were for sale. The number of individuals with either a second mortgage or a home equity loan during the period was 62,754, with a majority having home equity loans than a second mortgage.
Value | Estimate |
---|---|
Owner-occupied housing units with a mortgage | 418,067 |
VALUE | |
Less than $50,000 | 3,335 |
$50,000 to $99,999 | 3,397 |
$100,000 to $299,999 | 10,539 |
$300,000 to $499,999 | 53,553 |
$500,000 to $749,999 | 153,655 |
$750,000 to $999,999 | 109,965 |
$1,000,000 or more | 83,623 |
Median (dollars) | 724,900 |
MORTGAGE STATUS | |
With either a second mortgage, or home equity loan, but not both | 62,754 |
Second mortgage only | 9,135 |
Home equity loan only | 53,619 |
Both second mortgage and home equity loan | 2,722 |
No second mortgage and no home equity loan | 352,591 |
As of Tuesday, February 11, 2020, the average mortgage rates in Orange County was 3.93% for a 30-year fixed mortgage, 3.36% for a 15-year period, and 3.58% for a 5/1 ARM mortgage. The rates for January 2020 were 3.75% for a 30-year fixed mortgage, 3.23% for a 15-year mortgage, and 3.68% for a 5/1 ARM.
Period | Average |
---|---|
30-Year Fixed | 3.93% |
15-Year Fixed | 3.36% |
5/1 ARM | 3.58% |
Mortgage brokers are financial professionals licensed and regulated and serve as a bridge between borrowers and lenders. They help connect borrowers to a variety of lenders and banks that best fit their financial situation and needs.
Mortgage brokers offer many loan products to buyers, giving them more options. In addition to helping clients with their home purchase, a mortgage broker can also help them prepare the necessary paperwork like income and bank statements, credit reports, and more.
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