Whether you’re buying a home or ready to refinance, our professionals can help.
Over 15 years ago we decided to be one of the first mortgage companies to allow our clients to get rates and costs online with our online rate quote tool. This transparency has helped us build trust with our clients and empowered them to take control of the mortgage process and with guidance from our experienced Mortgage Advisors make informed decisions on what loan structure works best for their specific situation.
At Sammamish Mortgage, our expertise lies in delivering precise mortgage rate quotes to homebuyers in California, and that includes the vibrant city of San Diego. Try our Instant Rate Quote tool to find out the current interest rates and closing costs that align with your financial situation and preferred loan. Mortgage rates can change regularly, influenced by various factors including the borrower’s profile. A tailored rate quote is pivotal for sound financial planning. Besides California, we’re honored to serve clients in Washington State, Oregon, Colorado, and Idaho.
Having served the Pacific Northwest for over three decades, Sammamish Mortgage stands out for offering highly competitive rates. Our deep understanding of San Diego’s dynamic housing market equips us to help you choose the perfect home loan. The table showcased here provides an overview of the current mortgage rates in San Diego, spanning diverse loan types from jumbo, fixed, adjustable-rate mortgages to government-supported FHA and VA loans. We also cater to specific needs with our bridge and construction loans. For a San Diego-centric mortgage rate quote tailored to you, please reach out.
As a family-driven enterprise, Sammamish Mortgage boasts an impeccable legacy nearing 30 years. Our dedication to offering competitive rates extends from the Pacific Northwest to the sunny shores of California. If you’re looking to make San Diego your home, or exploring options in other states we serve, contact us for a bespoke mortgage rate quote.
In our rate table, there’s a column labeled “points”. A point is equivalent to one percent of your loan amount, and it can be settled at closing to obtain a more favorable interest rate. This table elucidates how these points can affect your mortgage rate in San Diego, generally showing a reverse correlation between points and interest rate. To narrow down the best rates and closing costs tailored for San Diego, we recommend using our Interest Rate Quote tool or discussing with our seasoned team.
Numerous elements determine mortgage rates. While points and closing costs are pivotal, other influencers include credit score, down payment, property nature, occupancy, chosen loan program, and the rate lock duration. Our rate quote tool offers custom rates and costs based on your unique criteria, presenting a near-accurate rate even before a full application.
Deciphering which rate and cost structure aligns with your goals can be intricate. This is where the mortgage maestros at Sammamish Mortgage shine. Not only can our team address any queries, but they can also guide you in selecting a loan structure that harmonizes with your overarching financial strategy.
Sammamish Mortgage makes use of an innovative software platform that provides you with an instant rate quote. The system does this by comparing multiple lenders and investors from across the US, providing real-time results. All you need to do to get your rate quote is to input a few pieces of information, and within seconds, you’ll receive an accurate breakdown of the interest rates and costs available for you. You won’t have to supply any personal information to obtain this data, either. The mortgage experts at Sammamish Mortgage always work to ensure that the best interests of our clients are always met.
The term “loan purpose” is used in the mortgage industry in the US to describe the reason why an applicant is looking to apply for a loan. The lender will use the purpose of the loan to make decisions on the risk level of the borrower. The loan purpose could also affect the interest rate offered by the lender. The most common examples include purchase, rate/term refinance (no cash-out refinance) and cash-out refinance.
The down payment refers to the equity amount that the buyer puts towards the purchase price of a home. For instance, a home being purchased for $500,000 with a $100,000 down payment means the buyer will have 20% equity in the new home. In general a larger down payment results in better rates and closing costs for your loan. Down payments below 20% usually require some form of mortgage insurance which would be an added cost to you. The exception is for VA financing.
This term refers to the amount that the borrower must pay back to the lender as stipulated in the loan contract. The loan amount is one of the main factors in determining what rate and loan program you’ll be eligible for. For the most common loan programs such as conforming or FHA financing there are loan limits. Anything above those limits results in a borrower being ineligible for that program and subject to different rates and fees. In general VA loans have the best terms followed by conforming loans and select jumbo loans for really qualified borrowers or high net worth clients.
A credit score is a numerical figure that expresses the creditworthiness of a consumer. A higher credit score is better when it comes to taking out a loan, as it reduces the lender’s risk when loaning out funds. A credit score is affected by repayment history, number and age of open accounts, total debt levels, and credit utilization. Credit is a key deciding factor in determining what rates and costs you’re eligible for. High credit scores over 740 will get you the best rates available. Adjustments to the terms available for most loan programs occur in 20 point increments. For example the second best credit score range would be 720-739, then 700-719 and so on. Once your scores drop below 640 the programs you will qualify for will be severely limited.
The purchase price refers to the price that a buyer pays for a property.
Property type refers to the characteristics and configuration of a dwelling. For instance, detached homes, townhomes, and condos are all examples of different property types. Single Family Home will have the best terms when compared to other property types. Provided you put down more than 25% condos will be second best followed by multi-family 1-4 units. Properties like co-ops and manufactured homes will usually have higher rates and it will be more difficult to find lenders that will accept those property types.
Occupancy refers to the status of the people living in a home. For example, a home may be occupied by the owners, or by tenants who pay the owner rent in exchange for the right to live in the home. Owner Occupied homes will have the best rates followed by second homes (vacation homes that are not rented) and investment properties which include any property that does not fit the classification of a primary residence or second home. This includes rental properties, homes a family member occupies for free or a speculative property that is vacant.
A loan program or loan type refers to the type of loan being taken out to finance the purchase of a property. In the US, common mortgage loan programs include fixed-rate mortgages, variable-rate mortgages, conforming loans, FHA loans, and VA loans. Fixed-rate loans can come with different terms such as a 30 year fixed, 20 year or 15 year fixed. ARM’s or adjustable rate mortgages are usually fixed for a specified period of time and then adjust annually after the initial fixed rate period.
If your instant rate quote isn’t what you expected, we can provide counsel on how to potentially transform your quote into something more acceptable. Sammamish Mortgage is a family-owned mortgage company with over 30 years of experience in the industry. We proudly serve customers in the Pacific Northwest region. We serve WA, ID, OR, CO and CA. If you’re looking to buy a home in one of these states, we can help!
We proudly serve customers in the Pacific Northwest region. We serve WA, ID, OR, CO & CA. If you’re looking to buy a home in one of these states, we can help!
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.
