Mortgage guides,
line by line.

The 20% rule is the most expensive myth in homebuying. On a $750,000 San Diego home, 20% is $150,000 — and saving it while paying $3,000 a month in rent can take a decade. Meanwhile 3% conventional ($22,500) and 3.5% FHA ($26,250) get you the same house years earlier, building equity instead of paying a landlord's mortgage.

The tradeoff is mortgage insurance: roughly $150–$350 a month on that price point, depending on program and credit. Conventional PMI drops off at 20% equity; FHA's MIP lasts longer. We price both paths for your file so you can compare "buy now with insurance" against "wait and save" in real dollars — most buyers find waiting costs more.

Sources matter too. Gift funds from family are welcome on FHA and conventional (with a paper trail), sellers can contribute toward closing costs, and San Diego buyers may stack city and state assistance programs. Bring what you have to the first call; we map the rest.

A bank's loan officer can sell one shelf of products at one day's price. If your file doesn't fit that shelf — self-employment, bruised credit, a high balance — the answer is simply no. A broker submits your file to 40+ wholesale lenders and lets them compete: same morning, same borrower, prices that routinely differ by eighths or quarters of a point.

The broker's pay is the part everyone asks about. The lender pays us a fixed compensation after funding, printed on your Loan Estimate before you commit. It doesn't move with the rate we recommend — the cheapest written quote wins, and you see the math proving it.

Where banks still win: portfolio jumbo discounts tied to deposits, and relationship pricing for private clients. When your bank's offer beats our board, we say so. About one file in ten ends that way, and those borrowers still come back — because they trust the next answer too.

A rate lock is a lender's written promise: this rate, these points, good until this date. Standard locks run 15 to 60 days; longer locks cost more because the lender takes more market risk. Lock too short and an appraisal delay can force an expensive extension; lock too long and you overpay for protection you never use.

Our rule: lock after the offer is accepted, for the closing date plus a week of padding — usually 30 to 45 days. Float-down options, which let you take a lower rate if markets improve after locking, are worth asking about; some lenders include them, others charge. We spell out the terms before you sign, never after.

One warning: a verbal quote is not a lock. Until you have a lock confirmation with your name, rate, points and expiration in writing, the number can move. Every Larkspur lock arrives by email the same day, with the expiration date circled.