Your One-Stop Real Estate Guide   (866)-866-5358   

Home  About us  |  Our Services  |  Our Agents  |  Directions     


  Featured Homes
  Search Homes in MLS
  San Diego Cities
  North County region
  South County region
  San Diego region
  Ask an Expert
  Find an Agent
  Mortgage Center
  Trung Tam Dia Oc
  Visitors Guide
  Golf and Attractions
  Schools and Colleges


Which mortgage is good for me?


There are as many types of mortgages to choose from as there are types of houses to buy.  Our agents can how to choose the mortgage that is right for you -- and what kind of lender to get it from.



Fix-Rate Mortgages


Lenders offer several types of mortgages, but the most common are fixed-rate mortgages. These loans feature fixed rates and monthly payments, generally for 15-year and 30-year periods.  These loans are popular because:

  • Consumers balk at the thought of their house payment rising and falling with interest rates.

  • Whenever rates are low, fixed-rate mortgages are very affordable.

Depending on how long you plan to own your home, fix-rate mortgage may be your safest bet.  There are unique benefits between a 15-year versus a 30-year loan. Do you know the difference - pros and/or cons - between the two? 



Adjustable-rate mortgages (ARMs)


Adjustable-rate mortgages, or ARMs, differ from fixed-rate mortgages in that the interest rate and monthly payment move up and down as market interest rates fluctuate. Most have an initial fixed-rate period during which the borrower's rate doesn't change, followed by a much longer period during which the rate changes at preset intervals.

The initial fixed-rate period can be as short as a month or as long as 10 years. One-year ARMs, which have their first adjustment after one year, used to be the most popular adjustable, and were the benchmark. Recently the standard has become the 5/1 ARM, which has an initial fixed-rate period that lasts five years; the rate is adjusted annually thereafter. That type of mortgage, which mixes a lengthy fixed period with an even lengthier adjustable period, is known as a hybrid. Other popular hybrid ARMs are the 3/1, the 7/1 and the 10/1.

While there are risks when considering an adjustable-rate mortgage, there are situations where you may be better off with an ARM. For example, if you are planning to owe for less than five years, you may be better off with an ARM.

Depending on your goal, we can offer you many different types of mortgages to meet your needs. Call us today!

Subprime Mortgages

Buyers with some credit flaws can still qualify for a loan. Recently there has been a rise in subprime mortgage lenders to meet the demands of homebuyers with credit problems.

Generally, subprime mortgages are for borrowers with credit scores under 620. Credit scores range from about 300 to about 900, with most consumers landing in the 600s and 700s. Someone who is habitually late in paying bills, and especially someone who falls behind on debts by 30 or 60 or 90 days or more, will suffer from a plummeting credit score. If it falls below 620, that consumer is in subprime territory.

How does subprime mortgages differ from others? Subprime loans have higher rates than equivalent prime loans. Lenders consider many factors in a process called "risk-based pricing" when they come up with mortgage rates and terms. This makes it impossible to generalize about subprime rates. They are higher, but how much higher depends on factors such as credit score, size of down payment, and what types of delinquencies the borrower has in the recent past (from a mortgage lender's standpoint, late mortgage or rent payments are worse than late credit card payments).

Do you know your credit score?  Or are you concern about your qualifications?  If so, please call one of our agents, who can walk you through the entire process of obtaining a mortgage that you qualify for and will be comfortable with.


Other Types of Mortgages


The mortgage market is much more diverse than some borrowers think. Besides the standard fixed-rate and adjustable-rate mortgages, there are other types of mortgages and ways to finance a home.

Other types of mortgages include:

• Jumbo mortgages
• Two-step mortgages
• Balloon mortgages
• Assumable mortgages
• Construction mortgages
• Seller financing


For more information on these types of mortgages, please contact us today.


Find My Dream Home





Bathrooms to




  Related Links

HomeBuySell  Finance  Search MLS    Contact Us

  (866) 866.5358 | Fax: (619) 298.5616

3110 Camino Del Rio South, Ste. 311, San Diego, CA 92108  

  ©Copyright 2006, All Rights Reserved. Privacy Statement