San Gabriel Valley is an area in southern California that possesses a diverse population, strong communities, and excellent schools. The area is home to a large number of Asian people. The Southwest portion of the San Gabriel Valley is an ideal place to call home. If you need a mortgage loan, you need to research the areas and neighborhoods of the Southwest part of the valley to see what you are looking for in a place to live.
Demographics and Median Income of Southwest San Gabriel Valley
The population of Southwest San Gabriel Valley stands at around 326,000. The estimated household income is $56,282. 42.9% are Asian, 42.3% are Hispanic, and 11.9% are white. The unemployment rate stands at 6.2%.
Median Home Prices in Southwest San Gabriel Valley
The estimated median home value in Southwest San Gabriel Valley is $499,175. The cost of living in the area is higher than in many parts of the country.
Crime Rates of Southwest San Gabriel Valley
The crime rate in Southwest San Gabriel Valley is lower than most parts of the country. The area boasts a neighborhood watch program, so that people can look out for each other. There are very few violent crimes in the valley.
The average test scores stand at 62%. This is above the state’s average, but a little below the national average. Southwest San Gabriel Valley is said to have some of the best schools in California.
Mortgage Loan Options in San Gabriel Valley
You can find numerous types of loans to choose from in Southwest San Gabriel Valley. You need to look at the options to see which one is best for your needs. One of the main things you need to look at is whether you want a fixed-rate or an adjustable-rate mortgage. A fixed-rate is one in which the rate will not change throughout the life of the loan. You will always know what your interest rate will be, and you will always know what your principal payment amount will be. If you start of with a low interest rate and plan to stay in your home for a long time, this is probably a good option for you.
If you do not get a great rate or if you plan on moving soon, you might choose an adjustable-rate mortgage. With this loan, you will start out with a lower rate. After a certain number of years, the rate will change according to the market trends. Some people get into trouble if their rate increases because they cannot make the higher payments.
You also need to decide what mortgages you qualify for. Here are the types of mortgages offered to consumers:
- VA loan- These government-insured loans were created by the Veterans Affairs to give loans to those who have served in the military. You are not required to make a down-payment, and the closing costs are minimal.
- FHA loan- These loans are also insured by the Federal Government. They were created by the Federal Housing Administration to help people be able to afford a home. You will only need a down-payment amount of 3.5%, and you do not need perfect credit to qualify.
- USDA loans- The US Department of Agriculture created these loans that are insured by the government. To qualify, you must make less money, and you need to live in a rural area.
- Conventional loans- These loans are not insured by the Federal Government. You do need good credit to qualify, and you need a higher down-payment.
Southwest San Gabriel Valley offers residents gorgeous weather, beautiful scenery, and safe neighborhoods. If you are moving to the area, you should research the area and find a lender who can help you obtain the perfect mortgage loan.