HOA Fees in San Diego: What They Cover and How to Check the Reserves
When you buy a condo or townhome in San Diego, the monthly HOA fee is only the start, because the health of the association's reserves decides whether special assessments are likely. Fannie Mae, which many lenders follow, looks for at least 10% of the association's budget to go to replacement reserv
Mortgage Rate Locks in San Diego: How They Work and What Can Still Change
A mortgage rate lock means your interest rate will not change between the lender's offer and closing, as long as you close within the lock period and your application does not change. Without a lock, the CFPB says your rate can change at any time, even daily or hourly. The short answer A lock holds
Wire Fraud at Closing in San Diego: How to Protect Your Down Payment
Wire fraud at closing happens when a scammer sends a buyer fake wiring instructions that look like they came from the agent or the settlement company, and the buyer sends their down payment to the scammer's account. The Consumer Financial Protection Bureau's advice is simple: never follow wiring ins
Working With a REALTOR in San Diego: What to Expect and How to Check a License
Before you hire any agent in California, you can check their license for free with the California Department of Real Estate, and the Department says a business card is not enough. A salesperson must work for a broker, the license must be current, and the public record shows whether there is a discip
Written Buyer Agreements in San Diego: What to Know Before You Tour a Home
Since August 17, 2024, an agent who is a participant in a multiple listing service and who works with a buyer must have a written agreement with that buyer before touring a home, in person or by live video. The agreement has to state the agent's compensation in a way that can be determined objective
Home Equity in San Diego: What It Is and How a HELOC or Home Equity Loan Works
Home equity is your home's value minus what you owe on your mortgage, and you can borrow against it with a home equity loan or a home equity line of credit, called a HELOC. Either one is a second mortgage that you pay in addition to your first, which means the home is the collateral. The short answe
Loan Estimate vs. Closing Disclosure: How to Read Your Mortgage Documents in San Diego
The Loan Estimate is the form a lender gives you early in the process to describe the loan you requested, and the Closing Disclosure is the five-page form you receive at least three business days before closing to confirm the final terms and costs. Comparing the two line by line is one of the most u
PMI in San Diego: How Private Mortgage Insurance Works and When It Ends
Private mortgage insurance, or PMI, is insurance you might have to buy on a conventional loan when your down payment is less than 20% of the purchase price. It protects the lender, not you, and under federal rules it can usually be removed once your balance falls to 80% of the home's original value
Renovation Loans in San Diego: How a HomeStyle Mortgage Pays for Repairs
A renovation loan lets you buy a home and finance repairs or upgrades in a single mortgage. Fannie Mae's version is called HomeStyle Renovation, and it holds the repair money in an escrow account that is released as the work gets done. The short answer HomeStyle Renovation combines the purchase and