What should you know about home mortgages?
There are two primary types of home mortgages: fixed and adjustable. A fixed mortgage has a set term and interest rate, such as 15-year loan or a 30-year loan. The monthly payment for the home loan is part principal and part interest. The loan payment will not change during the length of the mortgage.
Interest rates for adjustable mortgages will go up or down with current market rates, often tied to standard index like LIBOR. An adjustable mortgage payment includes the principal amount of the loan, interest, taxes and insurance. The total of these four items is known as the PITI Principal/Interest/Taxes/Insurance. For help in choosing the perfect home loan in Templeton, call Spinnaker Financial at (805) 238-3516.
What about a down payment?
Down payments range between zero and 25 percent of the home cost depending on your personal situation, though the average is five to 15 percent. Closing costs, which range from two to five percent, are also due in cash when closing.
History of Templeton
Templeton, zip code 93465, has a mostly rural population of 7,674 and is located along Highway 101, in the central coast area of California. Templeton began in 1886 when the West Land Company set aside 160 acres for the town of Templeton, which was originally named “Crocker” for Charles F. Crocker, who was a Southern Pacific Railroad vice president, but he declined the honor and named the town after his two-year-old son, Templeton.
Chauncey Hatch Phillips of West Coast Land Company in Templeton built the first home. That house was located at the north end of Main Street and is now the Country House Inn, a bed and breakfast. Templeton served as the end of the line from San Francisco until 1889 when the rail lines were extended 14 miles south to Santa Margarita. Passengers connected to southbound trains via horse-drawn coaches to San Luis Obispo.
Templeton is part of Templeton Unified School District, which has 2,371 students. The district was formed out of territory that was part of the Paso Robles school district. The first school in Templeton was a three-room, three-teacher schoolhouse.
Templeton home prices
Thinking about purchasing a home in Templeton? The median price of a home in Templeton is $405,100, which is below the median home price of $428,510 in the state of California.
Spinnaker Financial can help you with a home loan in Templeton – Call (805) 238-3516