Connect with a local loan officer in California
Morty has a number of license mortgage loan officers in California. Working with a local loan officer from Morty gives you local expertise along with competitive California mortgage rates. Create an account to get connected to a California loan officer or review their profiles below and sign up directly with them.
Create An AccountMeet Morty's California Loan Officers
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What are the different types of mortgages?
When it’s time to choose your loan, one of the most important choices you’ll make is how your mortgage rate is structured. Your rate tells you how much you’ll pay in interest each year on your mortgage. While the differences may feel small, even a tenth of a point can amount to thousands of dollars over the life of your loan.
Rates are typically structured as "fixed or "adjustable." Most – but not all – loan options offer this choice, so it’s important to be aware of your options.
Fixed-rate mortgages
A mortgage with a set interest rate that never changes throughout the life of your loan. Most fixed-rate mortgages have 30-year and 15-year repayment terms. These loans offer buyers a level of consistency that many others do not.
Best for homebuyers who...
want a predictable, lower monthly payment amount that remains for the life of the loan.
Adjustable-rate mortgages (ARMs)
ARMs can be a good option to get a lower upfront rate than a fixed-rate mortgage. After the fixed period, the interest rate on an ARM becomes variable and changes at regular intervals to reflect the most current market conditions.
Best for homebuyers who...
don’t intend to own the property longer than the fixed period, and/or who expect interest rates to decline in the future.
Conventional Loans
A conventional loan includes any mortgage type that’s not part of a specific government program such as the FHA, VA or USDA (more on these government-backed loans below). While more cost-effective than other loan options for those who qualify, a conventional loan typically requires that borrowers have a credit score of at least 620, along with a minimum down payment amount.
Government Program Loans
These programs are consstructed for specific groups of people who fit certain criteria, such as veterans or buyers with lower credit scores.
FHA
- Credit scores as low as 500
- Down payments as low as 3.5%
- Requires mortgage insurance for the life of the loan
Best for homebuyers who...
have lower credit scores or are not able to make a 20% down payment.
USDA
- Restricted to rural locations
- Income and property value caps
- Require no down payment
- Available for home improvement loans as well
Best for homebuyers who...
live in qualifying rural areas seeking a loan without a down payment.
VA
- Available to military service members and veterans
- Requires no down payment and no mortgage insurance
- Requires a VA funding fee based on the value of the property
Best for homebuyers who...
are qualified military service members looking for lower interest rates or mortgage loans with no down payment.
Non-conforming loan options and investment properties
Mortgage amounts higher than $647,200 (in most areas) are considered "non-conforming, per guidelines laid out by Fannie Mae and Freddie Mac, and will require a jumbo loan. With an investment home, you’ll likely need to put up a larger down payment since mortgage insurance isn’t an option here.
Jumbo
- Loan limits set annually by the Federal Housing Financing Agency (FHFA).
- The conforming loan limit is $647,200 in most areas for 2022.
- The limit is higher in certain parts of the country; check your location using the FHFA loan limit map.
Best for homebuyers who...
are looking to purchase a more expensive property that doesn’t conform to the FHFA’s loan limit.
Investment properties
- An investment property can be a home you plan to improve and sell.
- It could also be a property you intend to rent out, or a home in an area where you expect values will rise.
- Financing requirements are typically more stringent than those of a primary residence
Best for homebuyers who...
are purchasing a property for the purposes of generating income, rather than a primary residence home purchase.
Building a California mortgage business.
Morty offers the most flexible mortgage solution out there. Whether you're just starting out in mortgage, or your already have a booming business, we have the solution for you.
Solutions
- Solution
- Join as an individual loan officer
- Description
- Get to market fast and start making up to 100bps / closed loan. Morty’s platform gives you everything you need to be successful in today’s mortgage industry. Jump into our California licensing guide!
- Solution
- Join as as a team of loan officers
- Description
- Scale your mortgage brand with the resources, infrastructure and technology you need to be profitable in today’s mortgage industry. Build your independent mortgage business in California.
- Solution
- Start your own brokerage
- Description
- Morty makes it fast and easy to set up your own brokerage by allowing you to leverage our mortgage infrastructure and technology. Without Morty, licensing your brokerage in California can take months and cost thousand of dollars. Requst a demo.
Editorial Disclaimer:
All content on this page is intended to be strictly educational, unbiased information for potential homebuyers. Every financial situation is unique, and we do not offer financial advice. We recommend individuals perform their own due diligence and research when choosing a lender or making any major financial decision. To the best of our knowledge, all content is accurate as of the date posted, though commentary related to the market is always subject to change. The opinions expressed are the author’s alone.