Homebuying in San Diego is an exciting adventure, but finding the right mortgage company is where the real journey begins. Whether you’re eyeing a cozy bungalow in Mission Hills, a luxurious home in La Jolla, or a beachside retreat in Ocean Beach, the right mortgage partner can make all the difference in your path to homeownership.
Before you sign on the dotted line, it’s crucial to make sure you understand every detail. Mortgages are long-term financial commitments, and the terms you agree to now will impact your finances for years to come. So, here are five key questions to ask your mortgage company in San Diego before you get locked into any agreements.
1. What Loan Options Do You Offer, and Which One is Right for Me?
Let’s start with the basics: mortgages come in many shapes and sizes. Fixed-rate, adjustable-rate, FHA, VA, jumbo, and more. If you’re new to home buying (or even if you’re not), it’s easy to get overwhelmed. It’s like going to a restaurant with a 20-page menu. What do you order?
Your mortgage company in San Diego should be able to walk you through your options and help you figure out which one is best for your financial situation. Are you planning to stay in your home for the long haul? A fixed-rate mortgage might be your friend. On the other hand, if you’re looking for lower initial payments and plan to move within a few years, an adjustable-rate mortgage could save you some cash.
Here’s the thing: one-size-fits-all does not apply to mortgages. Ask your mortgage company about every option they offer and make sure they understand your unique needs. After all, in San Diego’s competitive market, the right loan option can mean the difference between a dream home and a dream deferred.
2. What Are the Interest Rates and Fees, and How Do They Compare to the Market?
Interest rates: the golden ticket (or maybe the sticky trap) of homebuying. Even a tiny difference in interest rates can have a big impact on your monthly payments and the total amount you’ll pay over the life of the loan. You need to get the inside scoop here.
Ask your mortgage company about their current interest rates. Are they competitive? Are they locked in or subject to change? And please—don’t forget to ask about fees. There are often loan origination fees, closing costs, and, in some cases, private mortgage insurance (PMI). Yes, PMI—because what would a mortgage be without a couple of surprise expenses? (We jest, but seriously, understand them.)
For example, in San Diego’s unique market, some lenders may charge higher fees for specific loan types. Get all the facts upfront. If you’re looking to save money in the long run, these costs matter.
3. How Long Will It Take to Get My Loan Approved and Close the Deal?
We’ve all heard that saying, “Time is money.” And when it comes to closing on your home, both are crucial. You don’t want to be stuck in mortgage limbo while someone else swoops in and snatches your dream property. So, be clear about timelines.
Ask your mortgage company about their typical approval and closing process. How long does it take to get approved? What about the final closing? In San Diego’s bustling real estate market, timing is everything. A delay could mean the difference between securing your property or having to start the search all over again.
Pro tip: If you’re working with a tight timeline, let your mortgage company know. They might be able to expedite the process or help you better understand any potential roadblocks.
4. What Are My Monthly Payments, and How Will They Change Over Time?
So you’ve got your loan, but now what? You’ve signed the papers and you’re officially a homeowner! But before you pop that bottle of champagne, let’s talk about monthly payments. Are you prepared for the monthly cost of homeownership?
Your mortgage company in San Diego should be able to give you a clear breakdown of your monthly payments. Ask them what your monthly mortgage payment will look like, including principal, interest, property taxes, and insurance. And don’t forget to ask how those payments might change. If you have an adjustable-rate mortgage, for instance, your payments could go up—or down—after an initial period.
Remember: you want to be comfortably living in your new home, not struggling to make the next payment. Be honest with yourself and your mortgage company about what you can afford.
5. What Happens If I Can’t Make a Payment or Need Help Refinancing?
Life happens. Whether it’s an unexpected job loss, medical emergency, or a global pandemic (we all remember that), circumstances can change. It’s important to know that your mortgage company has your back if the worst-case scenario happens.
Ask about the company’s process if you can’t make a payment. Do they offer any forbearance options? Are they flexible in working with you if life throws you a curveball? Similarly, inquire about refinancing options. Can you refinance down the line if interest rates drop or your financial situation changes?
It’s also worth asking about the company’s customer service. Do they provide ongoing support after closing? You don’t want to be in the dark when you need help. Whether it’s refinancing or getting assistance with a payment issue, having a mortgage company that prioritizes customer service is invaluable.
The Bottom Line
When it comes to buying a home in San Diego, you need more than just a mortgage—you need a mortgage partner who’s as invested in your future as you are. By asking these five key questions, you can make sure you’re getting the right loan, with the right terms, from the right people.
If you’re on the hunt for a mortgage company in San Diego, Saxton Mortgage can be your trusted partner. With deep expertise in both the local market and home loan options, their team of experts will closely work with you to find the best loan to fit your unique needs. They will guide you through every step of the process, ensuring a smooth and stress-free experience.
Get a Free No-Obligation loan analysis and rate quote today to see how they can help make your homeownership dreams come true.
Lucy Lloyd 
Robert Miller