Global Mortgage 5005 Texas St, Suite 302, San Diego, CA 92108 (619) 692-3630 http://www.globalmortgagesd.com/ We specialize in working with San Diego home buyers and systematically use a loan process which focuses on educating and advising clients to help alleviate the inherent stress of a Real Estate transaction. Additionally we work with clients on an ongoing basis to regularly review their financial position and current needs and offer San Diego mortgage refinance options when appropriate.

1. Own a House Despite Low Credit Score with FHA Loans in San Diego
FHA or Federal Housing Administration provides FHA Loans in San Diego issued by the
federally qualified lenders. These are offered to people with moderate-to-low income capacity
are capable of making applications for FHA loans. This financial planning has been designed to
save you from making a substantial amount of down payment. This loaning structure will allow
you to borrow up to 96.5% of the overall value of your home. You will be required to make the
down-payment of only 3.5% in comparison to this substantial amount. These beneficial
features have increased the popularity of FHA loans amongst the first-time buyers of
residential property. The other beneficial features associated with FHA Loans in San Diego are
as mentioned below.
Liberty of Using the Riches of Someone Else
The Federal Housing Association gives you the liberty to make a down-payment with the use of
a grant or gift-money. If you are incapable of making even the nominal amount of down-
payment (3.5%), this feature will let you purchase a house with the help of someone else’s
money. This loaning structure even allows the sellers to share the burden of closing-costs with
the buyers. They are allowed to pay up to 6% of the total amount.
Liberty from Penalties for Prepayment
The financial loans usually come with specific durations. If you clear your debts before the end
of this period, you will be penalized for this prepayment. The payment structure of FHA Loans
in San Diego liberates you from this restriction. You will be allowed to pay the debt off as per
your suitability. You will never be penalized for prepayments.
Liberty of Loan Transfer
The FHA Loans in San Diego allows you to enjoy the benefits of assumable loans. If you are in
possession of assumable loans, you will be able to transfer the burden of mortgage onto the
shoulders of the buyers. The buyer will also enjoy the benefit of reduced rate of interest due to
the partial payment of the mortgage. This will present a win-win situation for both the buyers
and the sellers.
Guarantee of Government
The financial institutes will perform a quick comparison between the amount of your income
and the amount of mortgage you are applying for. If you are capable of paying the debt off
with the help of your current income, you will qualify for the mortgage. The banks will deny
your application for a mortgage, if you are not in possession of an assuring credit score. The
FHA Loans in San Diego will save you from facing these rejections. This association will pay for
the financial dues of yours, if you are incapable of making that payment. If FHA works as your
guarantor during loan application, you will be regarded as a suitable candidate even with a
moderate credit-score.

2. Have complete information about Home Loans in San Diego before Signing
If you are purchasing a residential property, you are making a lifetime investment. This
investment will cost you dearly in the absence of suitable home loans in San Diego. The
financial establishments will use credit checks in order to measure the suitability as a
borrower. It is necessary to have a basic idea about different types of home loans in San Diego
before arriving upon a conclusion.
The Conventional Mortgage
The conventional home loans in San Diego will allow you to pay your debts within the duration
of 15 to 30 years. You will be capable of paying the calculated amount with a fixed rate of
interest. The calculation of the payable amount is performed through the multiplication of
principal with the rate of interest. You will be required to make a down-payment of 10 to 20
percent of the total value of the property.
The Adjustable-Rate Mortgage
The adjustable-rate home loans in San Diego will require you to pay a fixed rate of interest for
the duration of 3/5/7 years depending upon the requirements of the financial institutes. The
rate of interest will be adjusted at the end of this period. Numerous financial indexes will
determine the rate of interest after the locking period. You may end up paying higher or lower
than the conventional rate of interest through this plan.
The Assumable Mortgage
You may require selling your house urgently. If you have not been able to satisfy the financial
terms of your mortgage entirely, you will be required making other financial arrangements
with the lender. The assumable home loans in San Diego will save you from revising your plan.
This plan will allow the current buyer to pay off the remaining amount of mortgage.
The Balloon Mortgage
If you are supposed to acquire a substantial amount of money within a few years, the balloon
home loans in San Diego will be the ideal mortgage plan for you. This plan will let you make
initial payments at a fixed rate of interest for a few years. You will be required making a full
payment of the borrowed amount at the end of this period. If you are incapable of acquiring
the fortune before the end of the fixed-rate duration, you will be needed to revise the plan
with the lender. If you are planning to purchase a new house without the influence of VA, FHA
or USDA, the aforementioned mortgage plans will finance your venture. There is an additional
plan that will help you finance the restoration of your house.
The Restoration Mortgage
The home-loan available for the restoration of your house is known as construction-to-
permanent mortgage. The mortgage payments will cover for the charges of the contractors
during the construction work. The mortgage payments will be diverted towards the repayment
of rate of interest at the end of this construction.

3. Let an Experienced Mortgage Broker in San Diego Educate You about Home Loans
It is hard to select a perfect lender or a mortgage broker at the time of making an investment.
There are no definitive sets of rules that will help you select a specific lender or a mortgage
broker in San Diego. The nature of suitability varies from one person to another. You may
perform a quick enquiry into the efficiency of a mortgage broker or the reliability of a lender
with a set of questions. These valuable questions will help you decide if the broker or lender
will be suitable for you.
Comprehensible Explanation
Several mortgaging options are available in the market these days. You may have a superficial
idea about these loaning options. It is necessary for you to learn thoroughly about the pros
and cons of different types of mortgaging options. An experienced mortgage broker in San
Diego or a reliable money lender will be willing to provide you with thorough explanations
about all the available lending options. If the broker or lender is unwilling to provide you with a
satisfactory explanation, you may start looking for other suitable individuals.
Necessary Calculation
It is difficult to calculate the annual percentage rate. You will be required to include the rate of
interest and lender fees related to the mortgage into this calculation along with the term of
loan. This complex calculation can only be performed by an experienced lender or a mortgage
broker in San Diego. An APR will help you learn about your payable monthly dues in fixed-rate
mortgage plans. You may ask about adjustment frequencies, maximum annual adjustments,
index, margin or highest rate for adjustable-rate mortgage plans.
Gainful Discounts
You are needed to ask the lender or the mortgage broker in San Diego about the gainful
discount points available for the selected lending plan of yours. If you are shopping for
beneficial mortgage plans, these discount points will be proven extremely lucrative to your
budget. A single point usually stands for one percent of the total loaning amount. The
discount-points you will acquire through your home loan will help you receive some deductions
in the tax. This deduction will stay in place even if the seller decides to pay for the points.
These discount-points will reduce the rate of interest charged for your home-loan. It is
necessary for you to ask about the discount-points available for the selected lending option of
yours.
Estimation of GFE
The GFE stands for Good Faith Estimate. A lender is supposed to provide you with that
estimation within three days of your application as per the rules of RESPA. This estimation will
include the costs of appraisal, credit report, lender’s title policy, pest inspection reports,
escrow, recording fees, and taxes. If the lender is not willing to provide you with this
estimation, you may ask your mortgage broker in San Diego to persuade the lender. If the
requests fall on deaf ears, it will be prudent for you to search for another lender.

4. Peruse the Features of Mortgage Rates in San Diego before Making a Selection
The rate of interest you are supposed to pay for the mortgage of yours is known as mortgage
rates. The mortgage is a type of loan that enables you to finance the house of yours. You are
supposed to pay the debt off over a certain period of time. You are capable of making this
payment in two different ways in San Diego. You may either select the fixed mortgage rates in
San Diego or the adjustable mortgage rates.
Advantages of Fixed Rates
The principal advantage of fixed mortgage rates in San Diego is the predictable amount of
money you are supposed to pay throughout the duration. No uncertainty will wait for you at
the end of every month. The rate will remain unchanged despite any economic changes. This
will help you plan your expenditure as per your necessities and will provide you with an
emotional security. The rate of interest is usually multiplied by the principal during the
calculation of fixed rate mortgages. You are also required to pay a nominal portion of the
principal during each payment in addition to this amount. This continual deduction from the
amount of principal will gradually reduce the rate of interest present on your loan.
Disadvantages of Fixed Rates
It is true that the rate of interest remains unchanged in fixed mortgage rates in San Diego.
This inflexibility will bring comfort to you if the rate of interest on mortgage loans increases
somehow over the years. The same inflexibility will make you regret, if the rate of interest
decreases due to various economic factors. You will end up paying higher than the current rate
of interest due to the fixed nature of your mortgage.
The rate of interest in fixed rate mortgages is usually higher than the rate of interest of
adjustable rate mortgages. The security of unalterable rates may cost you expensively. The
financial establishments will also present you with higher closing-costs during fixed-rate
mortgages.
Advantages of Adjustable Rates
The adjustable mortgage rates in San Diego may involve some risks. These may also present
you with some lucrative financial benefits. The rate of interest depends upon the
socioeconomic conditions. You may end up paying a reduced amount in comparison to the
previous month. The banks will also present you with lower initial rates due to the risks
involved with this type of mortgage. The amount of principal will also reduce faster with
adjustable-rate mortgages.
Disadvantages of Adjustable Rates
The uncertainty is the main risk associated with adjustable mortgage rates in San Diego. The
rate of interest depends upon various financial indexes. The lenders will use these indexes to
calculate the payable amount. You may end up paying higher than the usual rate of interest.
The amount of the rate of interest may become excessively high. If you are unable to make
that payment, the financial institute may foreclose your property in order to obtain that
payment.