Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido will tell you that there are many variations of the following mortgage loan programs.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido will tell you about the numerous loan options that they offer. Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido is only too happy to fully explain all of your available loan options.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido will tell you about Fixed Rates.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido will tell you that Fixed rate mortgages have level, constant payments of principal and interest because the interest cannot change. It is fixed.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido informs you that the most common terms for fixed rate loans are 15 and 30 years, but loans can be amortized over 10, 20, or 25 years.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido will tell you that fixed rate loans are the safest, most secure loan programs. The level monthly payment makes fixed rate loans attractive to those staying in properties over 8 - 10 years.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido also has Adjustable Rate Mortgages (ARMs).

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido will tell you that these loans have a fixed period during which time the payments are fixed and level. For example, a 3/1 ARM is fixed for the first three years, then becomes a 1 Yr. adjustable rate from years 4 - 30, adjusting every year to a new rate, subject to annual and lifetime caps on increases and decreases. Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido further informs us that the adjustment each year after the initial fixed rate period is determined by this formula; Rate = Index plus Margin.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido informs that the most common index is the US 1 Year Treasury Constant Maturity. The margin is determined by the lender, usually between 2.75% and 3.00%. Rate adjustment caps generally apply to limit increases in rate per adjustment and over the life of the loan.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido tells us that ARMs are for the more sophisticated borrower who knows the length of time in the property is limited or knows that a refinance opportunity will occur during the initial fixed rate period of the ARM.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido talks about the Balloon or Two-Step Mortgages.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido tells us that these are fixed rate loans that generally have a 5 year or 7 year fixed rate period. At the end of the fixed rate period, these loans will have a balloon, or final payment provision, or have a lender-opted conversion to a new fixed rate for the remaining 25 or 23 year term.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido informs us that certain criteria must be met on a two-step loan for the lender to grant a new term at a new interest rate. It is likely that the conversion feature on the two-step loan is not valuable to borrowers since the conversion rate is slightly higher than what they could refinance their loan for on the open market.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido also tells us about the piggyback 1st and 2nd Mortgages.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido tells us that a combination loan of a 75% or 80% 1st mortgage and a 15% or 10% 2nd mortgage can help savvy borrowers escape paying Private Mortgage Insurance (PMI) with as little as 5% or 10% down.

Mortgage San Diego & Escondido is Dan Goldstein of San Diego and Escondido informs that normally, a down payment of at least 20% is required to avoid paying PMI. These loans are typically known as 80/10/10's or 75/15/5's. These combination loans can be done on fixed rates and most adjustable rate programs. In some cases, an 80/15/5 can be done allowing the qualified borrower to put down only 5%, while still avoiding PMI.

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