Lowest Fixed Rate Mortgages in California – Best APR’s

Since we were forwarded a couple of fixed rate mortgage deals out of California that deserve mentioning this weekend, we figured we’d devote a post to highlighting the most attractive APR’s in CA. These fixed rate mortgages are available in certain parts of California BUT may also be available in neighboring states. You’ll have to contact the institution directly to see if you’re eligible.

Keep in mind the mortgage rates we’re covering assume a home loan or home refinance of $417,000 or less. Jumbo mortgages are provided but you’ll have to visit the bank (or credit union’s) website for their APRs.

Top California Fixed Rate Mortgages:

(Rates accurate as of June 2011.)

- Mechanics Bank (Walnut Creek, CA) has a 30 year fixed rate mortgage with an interest rate of 4.875% assuming a down payment of 20%.

- USE Credit Union (San Diego, CA) has a 30 year fixed rate mortgage with an interest rate of 4.59% assuming a down payment of 20%.

- First Technology Federal Credit Union (Santa Rosa, CA) has a 30 year fixed rate mortgage with an interest rate of 4.50% assuming a down payment of 20%, 0.125% in points and 0.50% origination fees.

- Mechanics Bank (Walnut Creek, CA) also has a 15 year fixed rate mortgage with an interest rate of 3.750% assuming a down payment of 20%.

- US Bank National Association (Rancho Santa Margarita, CA) has a 15 year fixed rate mortgage with an interest rate of 3.625% assuming a down payment of 20%, 0.875% in points and 1.00% in origination fees.

- Wells Fargo (multiple locations in CA) has a 15 year fixed rate mortgage with an interest rate of 3.625% assuming a down payment of 20%, 0.875% in points and 1.00 origination fees.

If you live in California and have locked in a better interest rate on a fixed mortgage lately, let us know about it by leaving a comment!

California Credit Union CD Rates – Top 5 APY’s in 2011

If you happen to live in California and are in the market for a bank CD, we’ve rounded up the best available CD rates from California credit unions in 2011. Like we’ve mentioned many times before, if you’re frustrated with current CD rates you may want to check out the APY’s offered through your local credit unions – they wont provide significantly larger yields but in many cases they will be able to beat the current national average. Credit Unions are generally not-for-profit, member-owned institutions which don’t have to report to shareholders (only to their members).

A few of the deposit products we’ve featured below may be available outside of California as well. You’ll want to check each institutions website to see which geographical areas they service. To get a better idea of where CD rates stand, you can compare the APY’s below with the best CD rates from credit unions in 2011 or the top online savings account rates in 2011.

California Credit Union CD Rates (Best APY’s):

(Rates accurate as of June 2011. Please visit our CD rates center for updated rates across the country.)

- America Airlines Federal Credit Union (San Jose, California) has a 12 month CD yielding 1.26% APY with a minimum deposit requirement of $10,000.

- Alliant Credit Union (San Francisco, California) has a 12 month CD yielding 1.20% APY with a minimum deposit requirement of $1,000.

- Alaska USA Federal Credit Union (Victorville, California) has a 2 year CD yielding 1.55% APY with a minimum deposit requirement of $1,000.

- Sandia Laboratory Federal Credit Union (Livermore, California) has a 2 year CD yielding 1.51% APY with a minimum deposit requirement of $1,000.

- Premier Community Credit Union has a 5 year CD yielding 2.65% APY with a minimum deposit requirement of $1,000.

To put the offers above in perspective the current national average for 12 month CDs and 60 month CDs sit at 0.94% APY and 2.22% APY, respectively.

If you live in California and know of a better CD rate offered through your local credit union, please share by leaving a comment!

San Francisco, CA: Low Auto Loan Rates and Special Offers

Anyone in the Bay Area looking to obtain an auto loan without messing around with dealer financing might want to check out the institutions we’ve highlighted below. Over the course of the last month or so we’ve been sent some pretty noteworthy auto loan rates in San Francisco and the Bay Area in general.  For those of you that have been periodically stopping by BankVibe.com to check out our featured auto loan rates, you’ll want to note that Bank of America is still offering their 2.99% APR auto loan with 36 month terms. This offer has been touted across the country and is still available in San Francisco as well as other various locations in the south west. You can see Bank of America’s auto loan rates in our recent coverage or by checking out BankofAmerica.com.

Best Auto Loan Rates in San Francisco, CA:

(Rates accurate as of March 2011. Visit the individual institution’s website for current rate info.)

- Bank of America National Association has a 36 month auto loan with an APR of 2.99% based on $25,000 financed.

-  Chevron Federal Credit Union (San Francisco, CA) has a 36 month auto loan with an APR of 3.59% based on $25,000 financed.

- Golden 1 Credit Union (San Francisco, CA) has a 36 month auto loan with an APR of 3.64% based on $25,000 financed.

- Wells Fargo (Daly City, CA) has a 36 month auto loan with an APR of 3.70% based on $25,000 financed.

To put the offers above in perspective the current national average for 36 month new car loans and 48 month new car loans sits at 4.77% APR and 4.89% APR, respectively.

California: Lowest 5/1 ARM Mortgage Rates – 3.25% APR

If you’re a resident of California and are in the market for an adjustable rate mortgage (more specifically a 5/1 ARM) you have a few options, from both local credit unions and large national institutions, who are offering fairly noteworthy interest rates on these products.

What is a 5/1 ARM mortgage?

A 5/1 Adjustable Rate Mortgage (ARM) is a fixed rate mortgage in which the rate is only fixed for the first 5 years. Then in the second year the the loan becomes an ARM. The new rate is determined by a combination of economic factors and indexes. The indexes used are usually treasury or treasury average index or by the one-year London Interbank Offered Rate (“LIBOR”), and is added to a pre-determined margin (generally between 2.25-3.0%) to arrive at your new monthly rate. The loan is fully amortized (paid off) in 30 years if the payment schedule is followed.

Potential Disadvantages of a 5/1 ARM:

Because these particular products are at their best when real estate prices are healthy and thriving, they may carry some disadvantages in an unfavorable real estate market. You’ll also be better off locking in a 5/1 ARM during a period of high mortgage rates so that you can turn around and refinance after a relativley short period of time.

Best 5/1 ARM Mortgage Rates in California:

(Rates accurate as of January, 2011)

- Bank of America (Yucca Valley, California) has a 5/1 ARM with an interest rate of 3.625% with 1.125 points and 20% down.

- Bank of America (Sacramento, California) has a 5/1 ARM with an interest rate of 3.625% with 1.125 points and 20% down.

- United Security Bank (Caruthers, California) has a 5/1 ARM with an interest rate of 3.625% with 1.125 points and 20% down.

- US Bank (Chino Hills, California) has a 5/1 ARM with an interest rate of 3.625% with 1.125 points and 20% down.

- Wells Fargo (Grass Valley, California) has a 5/1 ARM with an interest rate of 3.250% with 0.75 points and 20% down and a 1% origination fee.

Related: Wells Fargo’s mortgages rates in Illinois are also significantly under the national average.

If you live in California and know of a better 5/1 ARM mortgage offered through your local bank or credit union, please share by leaving a comment!

California First National Bank CD Rates and Review

CalFirst Bank, based out of Irvine, California, is an FDIC insured online bank that can accept deposits from consumers around the country. They offer a small array of banking products within the savings vertical and all of their accounts can be opened online. Their product offerings consist of money market accounts, certificates of deposit, interest checking and “premium savings.” These accounts all come with the option for ATM cards and online bill pay (if applicable).

How to Sign up Online:

Complete the online application form and click the submit button. They will then review your application, and if it’s approved, they will send you a new account opening kit via U.S. mail. Your kit will include a signature card for your review. Then just sign it and return it to us in the postage-paid envelope provided. You can also send them a check to open a deposit account.

Current CD Rates offered through California First National Bank:

- 3 month CD yielding 0.80% APY with a minimum deposit of $5,000 required.

- 6 month CD yielding 1.00% APY with a minimum deposit of $5,000 required.

- 1 year CD yielding 1.30% APY with a minimum deposit of $5,000 required.

- 2 year CD yielding 1.70% APY with a minimum deposit of $5,000 required.

- 3 year CD yielding 1.90% APY with a minimum deposit of $5,000 required.

* If you are opening one of these as IRA CD’s the minimum deposit required is just $2,000.

* Penalty will be imposed for early withdrawal.

* Interest rates accurate as of June 5, 2010. If this review is outdated please view our best CD rates tables for accurate rate information.

Contact Info for CalFirst National Bank:

Website: www.calfirst.com

Phone Number: (800) 735-2465

Pacific Mercantile Bank CD Rates and Review

Pacific Mercantile Bank, based out of Costa Mesa, California, is a publicly traded national bank (nasdaq: PMBC) which can accept deposits from consumers nationwide. They offer a full range of banking products – checking accounts, savings accounts, money market accounts, CD (certificate of deposit) accounts, mortgages and other loan products. 

Pacific Mercantile Bank’s current CD rates (as of Dec. 2009):

Additional Features with these accounts:

• No fees associated with these accounts
• Choose the term that’s right for you, from 30 days to 5 years
• FDIC insured
• The interest earned can be transferred monthly to any other PMB account
• Access to your account information using our Online Banking Solution
• Download account information to Intuit QuickBooks® or Microsoft® Money

The above annual percentage yields (APY) are accurate as of 12/1/2009. Rates on bank CDs are fixed for the term of the CD at the time of opening. For all other interest bearing accounts, the interest rate may change after account is opened. Rates offered are subject to change at any time without prior notice. Fees and early withdrawal penalties could reduce earnings on the above accounts.

Best CD Rates in Sacramento, CA: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Sacramento, California. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Sacramento as well as central California, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Best CD Rates in San Jose, CA: Top 3

Best CD Rates in San Diego, CA: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of San Diego, California. The institutions we will cover all include the following cities in Southern California: Coronado, National City, Chula Vista, La Jolla, El Cajon, Santee, Lemon Grove, Winter Garden, and Imperial Beach. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of San Diego as well as southern California, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in San Diego, CA:

• Hanmi Bank has a six month CD yielding 1.86% APY with a minimum deposit of $1,000 required.
• First Bank (San Diego branch) has a 6 month CD as well as a 9 month CD yielding 1.65% APY with a minimum deposit of $1,000 required.
• La Jolla Bank FSB has a 6 month CD yielding 1.65% APY with a minimum deposit of $10,000 required. 

Best 12 month CD rates in San Diego, CA:

• Metro United Bank has a 12 month CD yielding 2.0% APY with a minimum deposit of $5,000 required. 
• Pacific Trust Bank (San Diego branch) has a 13 month promotional CD yielding 2.0% APY with a minimum deposit of $5,000 required.
• San Diego National Bank out of La Jolla has a 12 month CD yielding 2.0% APY with a minimum deposit of $1,000 required. 

Best 24 month CD rates in San Diego, CA:

• Hudson City Bank has a 24 month CD yielding 2.50% APY with a minimum deposit of $5,000 required. This is a national institution and can accept deposits from any state.
• La Jolla Bank has a 24 month CD yielding 2.30% APY with a minimum deposit of $10,000 required. 
• Imperial Capital Bank has a 24 month CD yielding 2.26% APY with a minimum deposit of $2,000 required. 

Best CD Rates in San Francisco, CA: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of the Bay Area (San Francisco, CA). The institutions we will cover all include the following cities in California: Oakland, Santa Clara, Santa Cruz, Saint Luis Obispo, San Mateo, Berkley, Bellmont, Palo Altos, Fairfield, Walnut Creek and Vallejo. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of San Francisco as well as the state of California, we found that for the most part, you will be able to receive slightly better rates with local institutions than with national ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in San Francisco, CA:

• Pacific Service Credit Union (San Fran branch) has a 6 month CD yielding a whopping 3.50% APY with a minimum deposit of $1,000 required. This credit union has a strict eligibility check-list for membership.
• Far East National Bank has a 6 month CD and an 11 month CD yielding 2.0% APY with a minimum deposit of $5,000 required.
• Hanmi Bank (San Francisco) has a 6 month CD yielding 1.86% APY with a minimum deposit of $1,000 required.

Best 12 month CD rates in San Francisco, CA:

• Far East National Bank has the 11 month CD yielding 2.0% APY with a minimum deposit of $5,000 required.
• Metro United Bank has a 12 month CD yielding 2.0% APY with a minimum deposit of $5,000 required.
• iGoBanking has a 12 month CD yielding 2.0% APY with a minimum deposit of $1,000 required. This is an online bank which can accept deposits from any state.

Best 24 month CD rates in San Francisco, CA:

• Hudson City Savings Bank has a 24 month CD yielding 2.50% APY with a minimum deposit of $5,000 required. This is a national bank as well and can accept deposits from any state.
• Pacific National Bank has a 24 month CD yielding 2.30% APY with a minimum deposit of $1,000 required. 
• GateWay Bank (San Francisco) has a 24 month CD yielding 2.35% APY with a minimum deposit of $10,000 required.