San Diego Mortgage Services
We know that each customer has specific needs
when it comes to a California or San Diego Home Loan,
so here at Cabrillo Mortgage & Realty Services with over 50
years of combined experience in the California Home loan business,
we strive to meet those specific needs with quality service
and individual attention. We pride ourselves in giving you the
information, options and convenient assistance you're looking
for.
Cabrillo is a full service office. We can not only help you
with the San Diego Real Estate part of the transaction
but with a variety of loan programs and an established network
of over 100 lenders behind us, we will find the loan that best
suits your needs, at a very competitive rate. We offer conforming,
non-conforming and government loan programs.
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 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 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.
With a fixed-rate mortgage, your monthly payments remain
the same throughout the life of the loan.
You might consider a fixed-rate mortgage if you:
- Prefer a regular monthly payment.
- Are on a limited or fixed income.
- Want the security of knowing that your payments will
remain the same even if interest rates rise.
Fixed-rate mortgages - there are several different types
to choose from. They include:
30-Year Fixed-Rate Mortgages
Of all fixed-rate mortgages, the 30-year option offers the lowest
monthly payments. That's because the loan matures over a longer
period of time. If you think interest rates are likely to rise
over the long term, this is a good option. Also, the low payments
could help you qualify for a more expensive home.
15-Year Fixed-Rate Mortgage
With a 15-year option, you own your home in half the time by
paying more each month. In return for higher monthly payments,
you acquire equity faster and end up paying substantially less
interest over the life of the loan.
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 home we recommend that you get pre-qualified
or pre-approved for your San Diego Home.
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. 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.
This will help you:
- Find out the maximum house you can buy, so you don't
waste time looking for properties you can not afford.
- Puts you in a stronger position when you are negotiating
with the seller, because the seller knows that your loan
is already approved. Especially in this Extremely hot San
Diego Real Estate Market .
- Helps you close quickly, since your loan is already
approved.
Step (3) We will need to Shop for a Loan Program that
best fits your needs:
- We will help you shop for a loan that best fits your
specific needs! We provide our clients with a mortgage specific
to fit their needs. With over 100 lenders in our network
you are assured that we will find a loan program that best
fits your needs!
- With over 50 years of combined experience in the San
Diego area Real Estate Market we are committed to your success.
- To shop for a loan you will need to know the facts that
best fit you needs!
- Think about how long you plan to keep the loan. If you
plan to sell the house in a few years you may want to consider
an adjustable or balloon loan. On the other hand, if you
plan to keep the house for a longer time, you may want to
look at fixed loans.
- Understand the relationship between rates and points.
Points are considered to be prepaid interest and are tax
deductible. Each point is equal to one percent of the loan.
So for example 1 point on a $150,000 loan is $1,500. The
more points you pay, the lower the rate you will get.
- Compare different programs. Shopping for a loan can
be difficult. With so many programs to choose from, each
of which has different rates, points and fees, it's hard
to figure out which program is best for you. That's where
an experienced loan officer at Cabrillo can help you make
a decision that's best for you.
Step (4) Give us a call today so we can help you find
your dream home! Buy allowing me to guide you through the home
buying and or selling process, we will do our best to save you
as much as possible and provide you with the best service available.
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