Compare Home Loans with San Diego Lenders Offering the Best Mortgage Rates Today
Get help finding San Diego mortgage companies that offer discounted home loans with low rates on VA, FHA, jumbo and conforming programs. Our San Diego lenders provide equity loans and 100% VA refinance loans to homeowners with no money out of pocket. The good news for consumers in Southern California is that HUD finally raised the home loan limits significantly for FHA and conventional loans in San Diego County. Our company will do it’s best to help you get approved for unique purchase money and home equity loans at a discounted interest rate. Check local rates and pricing incentives that may include additional fee reduction offers. Ask about our “No Cost Home Loans” for people home buying and refinancing in San Diego.
Find Trusted San Diego Mortgage Companies for Purchase, Home Equity Loans & Refinancing
Discounted Cash Refinance Loans for San Diego Homeowners. Home Equity Loan Rates have dipped below 7% Shop the Best California Mortgage Lenders
Our local San Diego lender recommends refinancing your mortgage loan if your San Diego home is carrying an adjustable interest rate. Interest rates dropped again and with the new FHA home loans you may qualify to refinance into a fixed rate loan even if you have fallen behind on your mortgage payments.
Borrowers across Southern California have struggled with deflating property values, because with no equity traditional loans are taken off the table for refinancing. FHA refinancing allows rate and term refinancing to 97.5% and VA borrowers can finance up to 100%.
Qualify for the Best Rate Home Loan from a San Diego Lender That Meets Your Needs
We specialize in high LTV home refinancing, loan modifications, FHA home loans and home equity credit lines for Southern California borrowers with good and bad credit. We provide jumbo home purchase loans to San Diego residents seeking the lowest interest rates and best terms for residential financing in California. Since the foreclosure crisis began in 2007, home equity loans have become next to impossible to qualify for, so many San Diego homeowners have shifted to FHA home loans for refinancing into a fixed rate mortgage and because cash out was available to 95% for refinance and debt consolidation. In 2024, people can still use government financing but FHA only allows cash back with 15% equity in their house. (85% LTV MAX)
New California FHA Mortgage Limits Above 1 Million
San Diego homeowners will benefit from increased mortgage limits that exceed the old conforming limit of $417,000 and rise to $1.006,250 for single family homes in high cost neighborhoods in San Diego County. The updated 2024 FHA loan limits for San Diego County can be viewed below by county. FHA mortgage interest rates have fallen to record levels again.
|SAN DIEGO-CARLSBAD-SAN MARCOS,
Our FHA mortgage lenders continue to operate at our headquarters located in America’s finest city, San Diego, California. Find out why consumers continue to come back to our San Diego FHA lenders. Could it be that we provide competitive low rates to qualifying homeowners who meet the FHA lending guidelines? HUD kept the San Diego mortgage maximum limits for 2024 and the loan changes can be seen above.
Let our home loan experience pay dividends to your online loan shopping. Get the best home purchase and refinance loans with special incentives for CA homeowners living in San Diego County: From Oceanside to National City, our San Diego lenders offer local residents premium rate pricing so that you can maximize your home financing budget.
Low Rate San Diego Mortgage Offers for Refinance & Home Loans
Industry experts expected home values in San Diego to remain sluggish in 2024 as many Realtors continue to report that many inland areas in South and North County are experienced a reduction in home values due to the high gas prices and a significant increase in home foreclosures.
We have had many local homeowners mention that their bank recently froze their credit lines un-expectantly even though the borrowers reported that they were never late on the home loan payments. If you presently have a credit line and believe you will need to access the credit line in the next few years, we strongly suggest getting the cash now before it’s not available. The other recommended option is refinance loan that includes cash coming back to you if you need money or if you are carrying a lot of high rate credit card debt.
|Real Estate evaluators are forecasting property values in San Diego to drop 10% to 25% over the last few years. Because of the uncertainty of future of home prices, many homeowners will be refinancing out their ARM loan.
Many local residents have been reporting an increase in their monthly payments because the interest rate converted to a variable rate this year.
San Diego County Home Value Update
Nationwide offers low rate home refinance loans for borrowers in San Diego County. Property values are dipping in some areas of SD county, but home values in La Jolla, Del Mar, Encinitas, Carlsbad, Point Loma and Mission Hills are maintaining minimal price reductions but home sales have been slow across Southern California.
San Diego Home Equity Market Update
As the prime interest rate continues to climb, thousands, of homeowners in the bay area are watching their adjustable rate interest only mortgages eat away at their bank accounts. People from Coronado to Carlsbad are searching for quick solutions for their million-dollar jumbo home loans. Many of these homeowners have negative amortization loans that are adjusting their balances each year.
In the past years, record low mortgage rates enticed many home owners to take advantage of adjustable rate interest only loans. With the national credit crunch and tightening of lending guidelines, it has become a priority for most San Diego homeowners to lock into a secure mortgage with a guaranteed fixed interest rate.
In San Diego, payment option loans have almost became standard real estate financing fifteen years ago. Back then, 74% of San Diego county mortgages are either interest only or payment option mortgages. In 2024 less than 30% have interest only mortgages and most every borrower has ditched their negative amortization loan.
Rise in Hard Money Loans for Preventing Foreclosures
Private money lenders have reported a significant increase for hard money loans in Southern California, with Riverside and San Diego counties leading the way. Nationwide offers fixed rate hard money loans and equity credit lines for San Diego borrowers. There is no property inspection fee! We have partnered with private investors who are offering San Diego borrowers a 2% rate reduction if they make their 1st payment on time. If you have fico scores below 580 and you have some equity in your home consider a hard money loan for quick cash and a short term solution. We have options for “no pre-payment” penalties for qualified applicants.
A Few Common Reasons for San Diego Homeowners Getting Second Mortgages:
- Refinancing Current Adjustable Rate
- Additional Tax Deductions
- Elimination of Mortgage Insurance
- Debt Consolidation of High Rates
- Furniture for New Homebuyers
- New Home Construction
- Financing a Start-up Business
- Purchase a Vacation Home in Mission Beach
- Installing a Swimming Pool
- Remodeling your Home
- First Time Home-buyers OK.
- Credit Rating: Poor, Fair Good or Excellent.
- Key Qualifiers: property value, credit score, and stated income OK.
San Diego Home Foreclosures Soaring
Public records reveal that home foreclosures in San Diego County reached a 25-year peak in April. Mortgage note transfers from owners to lenders surged to 604 in April, surpassing the previous record of 589 foreclosures in a single month set in July 1996, according to The (San Diego) Daily Transcript, which has been compiling foreclosure data since 1982.
Nathan Moeder, principal at San Diego-based London Group Realty Advisors Inc., remarked, “This might be just the beginning.” He noted that while sub-prime mortgages are currently the primary concern, down the road, foreclosures might extend to the middle class, affecting individuals with multiple car leases and those putting their children through college. California foreclosures are on the rise, hitting all-time highs.
Several factors contribute to the increasing foreclosures in San Diego. Lenient mortgage guidelines allowed individuals to enter mortgages beyond their financial means. The combination of adjustable-rate mortgage payments, declining home equity, and stricter lending criteria has placed many borrowers in precarious financial positions, especially those who purchased homes in the last three years. The bankruptcy of California mortgage lenders and the closure of sub-prime mortgage companies add to the challenges.
Selling homes to avoid foreclosure has become more challenging in San Diego. In August 2023, the median home price in San Diego County fell 1% to $697,000, compared to $495,000 in August 2006, as reported by DataQuick Information Systems. Home sales in August fell by 6.4% compared to the previous year, with Southern California experiencing an even larger decline of 36.6%.
While experts anticipate a market rebound in 2024, lenders and homeowners currently grapple with the looming possibility of additional defaults and foreclosures. Article written by By Rebecca K. O’Connor.
Mortgage Rate Info for San Diego Cities
|Carlsbad Home Equity Rates
Beach cities like Carlsbad have not experienced too much of a home value reduction at this point, but if you have variable interest rates on your mortgage you do not want to risk waiting for any longer. Refinance your equity loans now and get a fixed interest rate.
|La Jolla Home Equity Rates
Home values in La Jolla and Del Mar have been pretty steady, but have reduced sales prices from 4-7% in some of the pockets in UTC and condos in La Jolla. Residents in Del Mar and Pacific Beach have reported deeper drops in property values than their neighboring town of La Jolla.
|Encinitas, Leucadia & Cardiff Home Mortgage Equity Rates
Unfortunately property values in North County are flat, but compared to the rest of the county where home sales prices are dropping, flat may not be so bad. Coastal towns West of the freeway, like Encinitas, Leucadia and Cardiff by the Sea are forecasted to see a rebound in home values for 2024 and 2025.