What is a Jumbo Mortgage Loan?
A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac
Jumbo mortgages are available for primary residences, second or vacation homes and investment properties, and are also available in a variety of terms, including fixed-rate and adjustable-rate loans.
A jumbo loan will typically have a higher interest rate and may require a larger down payment than a standard mortgage. However, new Jumbo Loan Programs become available all the time. Check with us to get the best rate and terms on a Jumbo Loan.
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Choose Your Option
Get Pre-Approved to Buy Your First Home
Before you begin your search for a house, it makes sense to get e-approved for a mortgage. This will help you determine a price range for your search and whether you are likely to be approved for the loan amount you’re interested in. This will also make you a stronger buyer in the eyes of sellers and their real estate agents because you’ve already had your financial history verified in the process and a mortgage professional has established what price range fits your personal budget .
Apply for a Mortgage
Once you have a property under contract you’ll be ready to submit a full application for a purchase mortgage. You and your mortgage consultant can do much of the preliminary work ahead of time, such as identifying which loan program fits your income and gathering supporting documentation, so that once you have a purchase contract in hand you can hit the ground running.
The Road to Approval
After your application is submitted, a whole team (including you) will be at work moving the loan towards approval. The mortgage consultant and loan processor will work together to complete the other aspects of the application, ordering an appraisal of the property, conducting a title search (looking for undisclosed liens on the property), and more. You will need to arrange for homeowners insurance, and dependent on your region, possibly flood, wind and hail, earthquake, or other specialty coverage. You may also be asked to provide additional information such as more current bank statements, an explanation of where a certain deposit came from etc. Try to obtain these documents quickly, as most purchase contracts specify a time frame within which closing must take place.
Closing
This is where you sign the documents finalizing both the purchase and the mortgage financing. Depending on where you live the closing might take place at an attorney’s office or with an escrow agent. Be sure to ask questions about anything that is unclear. After closing, you generally receive the keys to your new home. Now you can celebrate becoming a homeowner!
Just some of the benefits of a Jumbo Mortgage Loans
- Jumbo loans are available for primary homes, second homes and investment properties, located on up to 40 acres.
- Veterans and service members who qualify for a jumbo VA loan can often buy a home with a much lower down payment
- Available for a wide variety of borrowers and property types
- Some Jumbo Loan programs will allow as little as 10% down.
Available Jumbo Loan Programs
- 30, 20, 15, or 10 year fixed rate terms
- Adjustable Rates available
Properties Eligible for a Jumbo Loan
The following are several examples of properties that are eligible for a Jumbo Mortgage Loan:
- Single Family Homes
- Multi-Family Homes
- Condos
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Refinancing: Please review all of your refinancing options carefully. By refinancing you existing loan, your total finance charges may be higher over the life of the loan.
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