Jumbo loans are larger than most conventional home loans, but are still considered a “traditional” loan program.
WHAT IS A JUMBO LOAN?
If you are looking to apply for a Jumbo Loan then you are typically considering a property that is above the market’s average. Having the ability to borrow this amount of money is very beneficial, but getting approved for a jumbo loan is becoming more difficult each year. When beginning this process, you will want a mortgage specialist who is familiar with Jumbo Loans on your side.
While shopping for a Jumbo Loan, you will begin to notice this type of loan has a higher interest rate than conventional mortgages. With higher interest rates, the Jumbo Loan has increased flexibility during the pre qualification process, as well as a differing pay schedule once you close. The rate has the ability of being fixed or adjustable, as some Jumbo Loans only have an interest-only option available. Jumbo Loan characteristics are ever-changing and you should take time to discuss this in detail with us.
The pre-qualification process is similar to conventional mortgages, putting emphasis on higher credit score and income expectations that should be apparent due to the loan’s higher borrow amount. We also offer refinancing benefits in this regard that should be considered as well.