Adjustable
Rate Mortgages
(ARM) offer lower initial interest
rates than fixed-rate mortgages. But after an initial period,
those rates are adjusted to follow the San Diego
Real Estate market. Monthly payments on this type of loan
can go up or down as the market conditions change. There are
ceilings, or "rate caps", on the amount the interest rate can
rise or fall to protect you in times of extreme rate fluctuation.
You might consider an adjustable-rate mortgage
if you:
- Need lower initial payments.
- Have a small income but
expect to earn more in the future.
- Plan to live in your
San Diego home for only a short time.
6-Month ARM
A 6-month ARM offers an initial interest rate for the first
6 months, and can be adjusted every 6 months thereafter based
on the applicable index.
3/6-Month ARM
A 3/6-month ARM's initial rate is effective for 3 years, and
can be adjusted every 6 months thereafter based on the applicable
index.
1, 5, and 7 Year ARM
These mortgages maintain an initial interest rate for 1, 5,
or 7 years, and can be adjusted every year thereafter based
on the market conditions.
Affordable Programs
For first time buyers there are several affordable mortgage
programs with down payments as low as 3%, and even Zero down
and flexible qualifying guidelines.
If you are buying or refinancing a San Diego home:
Step (1) Organize your Documents if buying or refinancing
your home:
- If you are salaried: provide
two years W-2 and one month of pay stubs OR if you are self-employed:
provide two years tax returns and a YTD profit and loss
statement.
- If you own rental property,
please provide rental agreements and two years tax returns.
- If you wish to speed up
the approval process, please also provide three months bank
statements for each bank, stock and mutual fund account.
- Provide recent copies of
any stock brokerage or IRA/401K accounts that you may have.
- If you are requesting a
cash-out refinance please provide a letter explaining what
you plan to do with the proceeds. Provide a copy of divorce
decree if applicable.
If you are
NOT a US citizen, provide us with a copy of your green card
(front & back), or if you are NOT a permanent resident provide
us with your H-1 or L-1 visa.
Step (2) Get Pre-Qualified & Save Time & Money:
-
When buying a
San Diego home we recommend that
you get pre-qualified or pre-approved.
-
You can
typically get pre-qualified over the phone in a few minutes
(15-30) buy giving us a call Toll Free 1-888-865-5055
or Email Us.
-
A pre-qualification
is not as beneficial as a pre-approval where you have to
go through a more rigorous process which includes verification
of your credit, income, assets and liabilities. It
is highly recommended that you get pre-approved before you
start looking for a house.
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