With the city’s large military presence, a growing biotech sector and a robust hospitality industry, San Diego housing is in constant demand. A mortgage company can help figure out what type of loan fits your needs, consider financing options and walk you through the paperwork. ConsumerAffairs researched the best mortgage companies in San Diego to assist you in realizing your homeownership dream.
A mortgage company helps determine your price range and what type of loan best fits your financial situation.
Many military families in San Diego take advantage of VA home loan benefits. Special U.S. Department of Agriculture (USDA) loans might be available for those buying homes in rural areas of San Diego County, including Fallbrook, Valley Center, Ramona, Julian, Bonsall, Jamul, Alpine and Pine Valley.
To purchase condominiums and townhomes, urban residents in San Diego can inquire about FHA loans, which are sometimes easier to qualify for and have a lower down payment than conventional loans. The Department of Housing and Urban Development provides information for homebuyers in San Diego.
Buyers in most San Diego neighborhoods will find that the city’s median home price of $570,000 exceeds the maximum conforming loan limit, which is $424,100 in San Diego County. Homebuyers looking to take out a loan above this amount will need to obtain a jumbo loan. Mortgage refinancing might be a desirable option for homeowners in areas of San Diego that have experienced significant changes in home values, like Solana Beach or Spring Valley.
Real estate market trends and home values in San Diego
During the economic downturn, new home-building in San Diego did not keep pace with population growth. Consequently, San Diego is experiencing rising prices and shrinking inventory of homes for sale. San Diego home prices reached lows in 2009 and have risen steadily since. Projections show prices continuing to rise, considering the influx of homebuyers and shortage of housing.
In 2018, the San Diego median home price reached $570,000. Among the neighborhoods that saw the biggest increases in median prices were Logan Heights, up to $360,000, and Ocean Beach, up to $1,066,000. North County had the most home sales, especially Oceanside, where median price is about $500,000.
Median home prices in San Diego County
Median home price
New neighborhoods are growing around San Diego, especially in southern and northern parts of the county. Urban infill in central San Diego is bringing new residences to existing neighborhoods. New homes in San Elijo Hills, a north county community, are near hiking trails, restaurants and shops. Median price there is $528,000.
Eastlake and Otay Ranch in the south bay have a median home price of $463,000 and offer shopping, parks and a relatively short commute to downtown. New construction in downtown’s East Village puts residents near the ballpark and the city’s nightlife.
AmeriSave was founded in 2002. Zillow reviewers give the company high marks, earning it the 5-Star Lender Reward. AmeriSave offers customers the option of getting preapproved to expedite the buying process. Enroll in the AmeriSave Advantage program for links to a network of San Diego area real estate agents and the possibility of earning a cash back reward.
HomeDirect is a direct lender based in Kansas City. They service the loans they make. Homebuyers will appreciate their informative website, which details the mortgage process and documents required. Reviewers in California report mixed experiences, including great service on VA loans and long waits for closing.
Home Plus Mortgage
Home Plus Mortgage has its corporate headquarters in San Diego. As a mortgage broker, this company shops around for different lenders to offer you the best rate. A large majority of reviewers in Southern California, including customers that were both first time homebuyers and refinancers, give this company five stars for clear communication and friendly customer service.
Transparent Mortgage is based in the Little Italy neighborhood of San Diego and serves all of California. This company offers a Clear Terms Agreement, which guarantees that if all of the information you provide is verified, they will adhere to the rates and terms they quote originally. San Diego customers enjoy the personal service provided by the business owners and associates.