Oftentimes I am asked if FHA interest rates are different in San Diego County. FHA loan rates in San Diego should be no different than anywhere in the country – although each lender has a
different profit margin, which will determine the different rates for the different lenders. The region should not dictate the mortgage loan rates.
However, with the home prices much higher in San Diego compared to other places in the nation, I would suspect that the rates may be lower for things such as lender credits towards closing costs. This is because a percentage used for closing cost lender credits, and the higher loan amounts yield more rebate to help pay for a borrowers costs.
For example, if a loan amount is only $100,000 and a lender is able to give you 1% toward closing costs that is only $1000. If your loan amount is $500,000 and the lender is able to give you 1% for closing costs that is $5000. That difference helps to illustrate some of the perceived differences with regard to FHA loan rates here in San Diego county vs. the rest of the country.
IF you have any questions on whether you are receiving fair market price for your mortgage loan or refinance please do not hesitate to contact me. You may email me directly at firstname.lastname@example.org or call (619) 857-7191. I look forward to speaking with you soon!