ACCC Helps Consumers In California Get The Best Mortgage Rate

American Consumer Credit Counseling explains six key issues consumers should consider accessing to get the best mortgage rate

Boston, MA – May 23, 2019

How to get the best mortgage rateThere are many different things to consider when buying a house or condo. First and foremost, consumers need to figure out how much they can afford. After that comes the mortgage. National nonprofit American Consumer Credit Counseling (ACCC) explains what steps consumers need to take to get the best mortgage rate in California.

“Buying a home is one of the most significant purchases a person will make in their life,” said Steve Trumble, President, and CEO of American Consumer Credit Counseling. “Getting the best mortgage possible is extremely important since the length, type, and the interest rate has a big effect on how much you will spend in total.”

According to Zillow, the average cost of a home in California is $548,000, a two percent increase over the past year. Zillow also found that only 0.6 percent of California residents are delinquent on mortgage payments compared to 1.1 percent of the U.S. NerdWallet found that the current rate in California for a 30-year fixed loan is about 3.9 percent, 3.5 percent for a 15-year fixed rate and 3.7 percent for an ARM.

ACCC explains what consumers need to consider to get the best mortgage rate in California.

  1. Good credit score – The higher the credit score, the better the rate. Those with lower scores are considered more at risk of defaulting on the loan. To improve scores, consumers should pay their bills on time and try to eliminate or significantly lessen credit card balances.
  2. Save – Building savings and being able to put forward a larger down payment helps consumers receive a lower mortgage rate. Ideally, consumers should try to save 20 percent for the down payment.
  3. Steady employment – Working for the same employer for at least two years shows lenders steady earnings, which make the consumer more attractive.
  4. Fixed Rate vs. ARM – Fixed Rate Mortgages keep the same interest rate the entire life of the loan. Adjustable-rate Mortgage (ARM) rates change over time, beginning with an introductory period that lasts three, five, seven, or ten years of a steady rate. Following this introductory period, the rate may change periodically.
  5. 15-year fixed rate vs. 30-year – If the consumer has a consistent income and feel they will stay in their house for an extended period, it may be worth considering a 15-year fixed rate rather than the average 30-year rate. Although a 15-year rate means higher monthly payments, it will save the consumer thousands in interest.
  6. Research multiple lenders – Consumers should shop around and do research, even when refinancing, to make sure they are getting the best rate for their situation.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  • For credit counseling, call 800-769-3571
  • For bankruptcy counseling, call 866-826-6924
  • For housing counseling, call 866-826-7180
  • Or visit us online at

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. To help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft, senior living, and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to or visit