New Condos Downtown San Diego - Where's the Mortgage?

It's better To Shop for the Mortgage Before You Need It!

If you need a mortgage to purchase a condo in downtown San Diego, or anywhere else, for that matter, shop for it first. The current economy has made many people nervous about getting a loan. It makes sellers nervous about the buyer buying their home getting a loan. It makes the banks owning foreclosure units very picky about who they sell a unit to in regards to financing.

There are a lot of mortgages. The days of the 100% financing are pretty much over. I hate to say you will never get a 100% mortgage, but other than VA loans, I have not seen azero down loan in a long time. Thesezero down loans were the birth place of the subprime mortgages, and we all know how that has impacted the housing market. Downtown San Diego has it's share of these subprime mortgages.

Your realtor should have some good lenders to recommend. It is crucial to have a strong lender who is going to be in business next week, next month, and maybe even next year. We have a couple of tried and true lenders. Two of the lenders we recommend are direct lenders. That means they approve and fund their own loans. The one mortgage broker we suggest has been in the business for many years and I went thru the last bad market with him. Honesty is important to me. We try to work with lenders who tell us what they can and cannot do, and who fund the loan when they say they will fund the loan.

Lending has become more intrusive over this last year. It's like going to the doctor for a physical, except this isa financial physical. The lender will ask you so many annoying questions you will want to swat him or her. They remind me of mosquitos. One more question, one more verification, one more piece of paper showing where the money came from or where the money went.

Due to all the crackdowns in the lending market, you will end up answering all these questions no matter where you go. The government has put a lot of pressure on lenders to track money. It is annoying, but if you want a mortgage, you play the game.

Two forms of low down or no down loans are VA or FHA loans. VA loans require a veteran at the end of the loan. You can be married to a veteran, or you can be the veteran. FHA loans are for everyone if you qualify.

Just make sure you go though the preapproval. We have seen buyers make the mistake of learning what they qualify for, but not getting pre-approved in writing. It's like the guy who says he loves you. It's easy to say, but the true love steps up to the plate and provides the marriage certificate. (That's the old-fashioned side of me). If it isn't a written commitment, it's a lot of hot air.

By Sharyn & Victoria Crown, Downtown San Diego real estate agents

This is part of a series of articles entitled, New Condos, Downtown San Diego Style