Buy now.
Refinance free when rates fall.
You cannot control mortgage rates, and neither can I. What you can control is whether a rate you did not choose costs you twice. Buy your San Diego home now, and if rates drop within 36 months of closing, the refinance costs are covered.
How it works, in three steps.
No enrollment form, no fee, and nothing to remember later. It is attached to the loan from day one.
Buy the house you want
You close on your San Diego home at today's rate through the participating lender. Nothing about your offer, your timeline or your negotiating position changes — this runs quietly in the background of a normal purchase.
Rates fall
If mortgage rates drop within 36 months of your closing date, you qualify to refinance under the program. I watch the market for my clients and reach out — you are not expected to track rates yourself.
You refinance, costs covered
You move to the lower rate and the refinance costs are covered under the program. Your payment drops. You are not paying a second set of closing costs for the privilege of fixing a rate you never liked.
Why this matters right now.
What to ask before you sign anything.
Rate-drop offers are common right now and they are not all the same. These are the questions I would want answered in writing, whether you use my lender or someone else's.
Which costs are actually covered?
Lender fees, the appraisal, title and escrow are separate line items. Ask which of them the program pays and which stay with you, and get the answer in writing rather than in conversation.
How far does the rate have to fall?
Most programs require rates to drop by a minimum amount before the offer applies. Ask what that threshold is and how it is measured.
How long does it last, and how often?
Ask when the window closes and whether the program can be used once or more than once. Also ask what happens if you sell before you ever use it.
Program terms, eligibility and the costs covered are set by the participating lender, not by me, and they can change. I will put the current terms in front of you in writing before you make any decision — and if the program is not the right fit for your situation, I will tell you that too.
Straight answers.
Is the rate drop program actually free?
There is no fee to enroll and no cost to you for the refinance the program covers. You still pay your normal closing costs on the original purchase, and any costs the program does not cover are disclosed to you in writing by the lender before you commit to anything.
What happens if rates never drop?
Nothing. You keep the loan you closed with, on the terms you agreed to, and you have paid nothing extra for the option. That is the point of the program: it costs you nothing to have it and it only pays off if rates move in your favor.
Does refinancing restart my 30-year loan?
Usually yes. A refinance replaces your existing loan with a new one, so the clock starts over unless you choose a shorter term. Lowering the rate while restarting the term can still reduce your payment, but the total interest picture changes. Ask the lender to show you both numbers before you sign.
Do I have to use a specific lender?
Yes. A rate drop program is offered by the lender who writes your original loan, so it only applies if you finance through the participating lender. You are always free to shop other lenders, and you should compare their rates and fees against the value of the program.
Should I wait for rates to fall before buying?
That is a personal decision and it depends on your timeline, your budget and what happens to prices while you wait. Waiting can mean a lower rate, and it can also mean more competition and a higher purchase price. What a rate drop program does is remove one variable: if rates fall after you buy, you are not stuck with today's rate or paying again to escape it.
Program terms.
A promise to cover a future cost is only worth what is written down. These are the terms as they will be documented; the lender's own disclosure governs if the two ever differ.
- Who pays the refinance costs
- What is covered
- What is not covered
- Eligibility
- The 36-month window
- The lender
Want to know how the program works?
Fifteen minutes is enough to walk through the mechanics, the math, and whether it fits your situation. No pressure, no next-step funnel.
Nate Higginbotham is a licensed California real estate salesperson (DRE #01993621) with Premier Agency, not a mortgage lender. The rate drop program is offered by a participating lender; its terms, eligibility requirements and covered costs are set by that lender and are subject to change. Nothing here is a loan offer, a commitment to lend, or financial advice. Equal Housing Opportunity.