Columbia Home Mortgage

The average homebuyer would be unlikely to consider a Columbia home mortgage when getting ready to make that first time real estate investment in one of California’s largest cities. After all, Columbia is one of the smaller downtown San Diego neighborhoods that are best known for their commercial application. This has taken it off the radar of real estate buyers for a long time. In recent years residents and investors have noticed a lot of new construction but due to the proximity to commercial venues, little attention has been paid to the new tall buildings – until now. It is these buildings that will have the Columbia home mortgage market turn red-hot.

Highrise condominium buildings are gradually beginning to tower in the area best known for its proximity to the Maritime and Midway Aircraft Carrier museums. Its closeness to Little Italy and the Pacific Ocean has turned Columbia into a real estate investor’s idea of a newly opening market for future housing. Limited space is overcome easily with the use of highrise construction, and condos now feature the little luxuries that make such residential buildings stand out among the crowd.

If San Diego’s overall real estate market is any indication, the odds are good that condos will cost right around $376,000; the figure represents the median price for attached units located in buildings featuring more than five units. Depending on the little extras, appliances and also the freedom to choose some upgrades, there is a good chance that the average home loan for the Columbia neighborhood might be a lot higher. The good news of course is the fact that virtually none of these mortgages will touch the lender-imposed jumbo loan ceiling of $700,000. This feature enables the average resident to shop around and compare interest rates and loan costs from a wide array of lenders.

Selling points for this locale include the location and also the convenience of owning a covenant-controlled piece of real estate where exterior maintenance expense is virtually non-existent. Pre-sales are going on even before construction has finished, and homeowners who have the luxury of waiting for their property to be built have a great opportunity to pick and choose their favorite locations and views. Not surprisingly, the Columbia home mortgage market is responding quite favorably.

On the downside, the fact that San Diego’s general cost of living index is rated at 141.0 – as compared to the United States average of 100.00 – will make it just a little more difficult for those hoping to move into Columbia. Home mortgage lenders must take this cost of living figure into consideration when vetting suitable loan applications and matching them up with available home loan products. Tightening lender rules showcase that it is more important than ever for the individual buyer to save up a sizeable down payment and also take all steps possible to fix minor credit problems that could drag down the applicants’ FICO scores – before applying.