San Diego Real Estate Blog

How To Qualify For A Mortgage In Today’s Market

It's quite possible that there has never been a better time to buy a home in San Diego than right now. Recently, interest rates dropped once more -- the average  rate for a 30-year fixed-rate loan decreased to 4.79% from 4.93%, according to -- and there is certainly still lots of inventory, keeping residence costs relatively low in our area.

Those positive elements, nonetheless, are often offset by tighter lending standards, causing a lot of potential borrowers to shy away from applying for a mortgage. As a Member of the Top 5 in Real Estate Network®, I've learned that it definitely boils down to four principal elements that can impact a lender's decision:

Your capacity to make a downpayment - generally between 3.5% and 20% of the purchase cost -- needless to say, the bigger the downpayment, the better your odds of securing the mortgage.  It is also easier to get a loan if you are trying to borrow $417,000 or less.  Above this amount the loan will fall...

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