An assumable loan means that the person to whom you sell your San Diego CA home 5, 10 or 20 years after buying it can take over, or assume payments on, your loan. It is a very attractive selling point for your house, since the financing is already in place. Your bargaining capability comes into play here. Do not be afraid to ask. Fight for an assumable clause. It is worth it and it costs you nothing to ask. If you happen to come into some extra money, or if you want to refinance your mortgage when rates go down, you will want to be able to pay on the principal of your mortgage without penalty. It is not difficult to get a "no-prepayment penalty" clause. However, it is not automatic. You have to ask for it.

LOCK THAT RATE!
Here are some steps to take to "lock into" a good rate: First, ask your banker to guarantee the rate he quotes you in writing. A verbal guarantee is a bunch of empty words. Second, get the rate guaranteed from date of application, not the date of approval.