What Are Mortgage Points and Should San Diego Buyers Pay Them?
What Are Mortgage Points? A mortgage point equals 1 percent of your loan amount. Buying discount points means paying upfront cash to permanently lower your interest rate — also called buying down the rate. One point on a $700,000 San Diego mortgage equals $7,000. The strategy involves calculating ho
What Is an Adjustable-Rate Mortgage and Should I Consider One in San Diego?
What Is an Adjustable-Rate Mortgage? An adjustable-rate mortgage starts with a fixed interest rate for an initial period — typically 5, 7, or 10 years — and then adjusts annually based on a market index. The initial rate on an ARM is usually lower than the comparable 30-year fixed rate, making month
Should I Choose a 15-Year or 30-Year Mortgage in San Diego?
The Two Most Common Mortgage Terms The vast majority of San Diego home buyers choose between two loan terms: the 30-year fixed mortgage, which provides the lowest monthly payment, and the 15-year fixed mortgage, which pays off the loan in half the time at a lower interest rate but significantly high
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