An Interesting History:
A short drive south-east from Downtown Los Angeles is the city of Downey which is part of the Gateway cities. Downey has an interesting history; not only is the birthplace of the Apollo space program, but it’s also the birthplace of legendary singer-comedian Weird Al Yankovic. The city has the oldest operational McDonalds restaurant in the world and has a population of 120,000 citizens.
Downey, California Mortgage Rates:
Mortgage Rates - Conforming Loans
Mortgage Rates - FHA Loans
Mortgage Rates - Jumbo Loans
Geography and History:
Downey is surrounded by Pico Rivera, Norwalk, Bellflower, Lynwood and Bell Garderns. Popular destination in the area include the Commerce Casino, the Bicycle Hotel and Casino and Apollo Park. Like most towns and cities in the region, Downey also has a strong Spanish influence. However, before the arrival of the Spanish the area in which modern-day Downey is located was inhabited by the Tongva ethnic group which the Spanish called Gabrielino. Unfortunately, most of those ancient indigenous sites has been lost and despite many efforts none of them can be located today. A Spanish mission by the name of Mission San Arcangel was founded in this area in 1771.
The Early Days:
One of the earliest commercial products of Downey was dairy products most of which was handled by the Central Milk agency who represented 700 farmers and the income from those endeavors exceeded $1 million per month. Many of the first settlers in the region was from Irish descent and in fact Downey was named after an Irishman by the name of John Gately Downey who was also a governor of California. He also foresaw that oranges were likely to thrive in the region and because of his endeavors this has developed into one of the state’s largest cash crops. Other crops were also grown such as corn, various fruits, castor beans and grain. Since the 1980’s Downey has become more ethnically diverse and two years ago, Downey was named as L.A. County’s Most business-friendly city.
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Opportunities In Downey:
Downey continues to thrive as there are many opportunities for property investors and also for families who are looking to buy a home to raise a family. The market has completely recovered after 2008 and real estate is once again the primary option used by well informed investors. Job opportunities, low mortgage rates and a robust economy help keep home values up. If you are looking for up-to-date mortgage rate information please be sure to visit our Mortgage Rate page. The average home price in the city is just above $550,000 which makes it an ideal area for conforming loan programs. Downey provides families with safe and attractive neighborhoods where children can be raised with confidence by caring parents. Education in the city is also top notch and this provides parents with one more reason why they should settle in this bustling city. There are several large corporations such as Kaiser Permanente, Stonewood Center, Downey unified school district, Rancho Los Amigos National Rehabilitation center and PIH health hospital. The top ten companies in Downey employ about 10,000 people between them. There are three public high schools in Downey namely, Warren, Downey and Columbus.
JB Mortgage Capital, Inc.
If you are considering buying a home in Downey or if you are looking to refinance your current mortgage please be sure to contact us for a no-cost/no-obligation quote. We offer industry low mortgage rates and one-on-one personal service to each and every client. Loan Officer Kevin O’Connor has over 14 years of experience and brings a wealth of knowledge and expertise to each loan scenario. Call Kevin directly at 1-800-550-5538 or submit a request through the website’s contact form.