Getting Approved for a Jumbo Mortgage Loan
Congratulations on becoming eligible to purchase a large home. Now that you have chosen your lending product of choice, a jumbo loan, it’s time to nail down the particulars with a reputable mortgage consultant. A reliable mortgage consultant should work closely with you to help you increase your chances of securing the loan.
More often than not, lenders tend to struggle with the demands of processing a jumbo loan applicant due to the very nature of the product. Applicants for this loan tend to be unique, having a higher net worth than many who are planning to purchase a home. Most lenders are familiar with the lending needs of the average, salaried person who has worked at the same job for years.
The typical borrower usually owns a single property at a time. They carry a regular debt-to-income ratio. If your finances aren’t typical, then you want a mortgage professional who has familiarity with the unusual, atypical lending products. When applying for a jumbo loan, you want an expert consultant who has experience in dealing with loans exceeding $5,000,000. Their track record should demonstrate their ability to close a loan quickly and efficiently.
How We Differ from Other Lenders
We devote a lot of attention to our candidates so that we can fully understand all of your financial needs. This prepares us for hiccups and allows us to better anticipate your needs. This detail-oriented approach is why we are most commonly referred by realtors. We are committed to making sure closing happen.
Why Do People Get Jumbo Loans?
There are many reasons people pursue a jumbo loan. You are only required to have anywhere between 15 and 20 percent down to get a jumbo loan. You can finance a loan valued up to the amount of $5,000,000. Your mortgage rate cannot exceed 38 percent of your income. Many financial incentives available to jumbo loan borrowers are unique to this specific group of homebuyers. There is access to multiple types of lending options. An adjustable rate mortgage or fixed rate option is available to you. The loan can be used for primary and vacation homes. Borrowers have been able to use the loan for investment properties as well.
Jumbo Loan Requirements
Like most jumbo loans, you must meet a few requirements before being eligible for this type of loan. You will need to supply proof of income. The lender will supply the lending terms, interest rates, maximum loan amounts, and disclosure information to the borrower.
What to expect …
• Knowledgeable mortgage consultants assisting you at every stage
• Accessible consultants available after hours and on weekends
• First-rate advocates, going to bat for you to make sure you get the best terms and results
Call today to get funded for your jumbo home loan or fill out our simple online application form to get immediately approved.