Market Update from San Diego Mortgage Professional Mark Chrisman
MySanDiegoMortgage.com exists to bring information and education about mortgage loans, real estate, and the financing process to consumers. We can’t think of a better way to do that than to ask local professionals about the trends and issues they are seeing, as well as for their helpful tips for people who are in the market for a home mortgage. In this installment, we welcome Mark Chrisman of West Coast Mortgage.
How would you describe the current San Diego mortgage market?
My primary focus is residential purchase, refinance and equity loans. In regards to residential financing, purchase loan applications slowed down a bit after the tax rebate expired in April of 2010, but they have steadily increased for the past 9 months. With interest rates hitting record lows last year, I did a large amount of no-cost refinances until the rates started creeping up in November. Rates are still very good and we are seeing a large number of people who were waiting for the right time to buy putting in offers. There are still a lot of short sales and REOs (bank-owned homes) on the market. I would say that distressed properties make up about 60% of the purchases we are doing right now. Although we did see large declines in value in some parts of the county, San Diego held up pretty well in comparison to other parts of California and the nation. People love San Diego and want to live here. I doubt that will change. Continue reading
Where To Look For Your San Diego Mortgage
If I asked you where you buy your groceries, or your running shoes, you wouldn’t have to think too long before spitting out an answer. In fact, you probably wouldn’t have to think at all! But a mortgage is not the kind of thing that most people shop for every day, let alone on a regular basis. So when it comes time to look for that mortgage, whether you are a first-time buyer, someone who is moving up, or a person in need of a refinance, you may not know where to start. Here are a two ideas that will point you in the right direction. Continue reading
Popular San Diego Mortgage Loans
Shopping for a home loan used to be like looking in the one-size-fits-all department. For years the standard residential mortgage was the thirty-year fixed loan. But these days there are are so many different options. Let’s have a look at a few.
The Fixed-Rate Mortgage Loan: This is where the old standard mentioned above falls in. But not all fixed-rate loans are amortized over 30 years. A fixed-rate loan can be found in 10, 15 or 30 year terms, although the thirty-year is the most common. The situation here is that the same interest rate is charged for the entire lifespan of the loan. There are no surprises. This type of loan is ideal for the borrower who plans to live in her home for a long time, and isn’t planning on moving up every few years. Continue reading