Do You Need a Jumbo Loan?
In most cases, a bigger home needs a bigger loan. If you’re planning on purchasing
a home that exceeds the cost of a conforming loan (typically $417,000), you’ll likely need to use a jumbo mortgage
There are multiple factors considered when applying for a home loan of this type, including the borrower’s credit score, financial strength, amount of down payment and the appraisal on the property itself. For instance, if you have high net worth but poor credit, you might not qualify for a jumbo mortgage. Or, if the home is priced well above the property’s appraisal, it could also be considered grounds for loan denial.
In addition to being able to purchase a more valuable home, jumbo mortgage rates have reached historic lows lately, and you could also be able to take out a second mortgage for a higher loan-to-value ratio.
If you’re eyeing a jumbo home that will need a jumbo loan, contact Midwest Equity Mortgage, LLC
to speak with one of our mortgage experts
. We’ll guide you through the entire home loan process to help you turn your dream home into your reality.
Midwest Equity Mortgage, LLC
Now more than ever, you need to work with someone you can trust. Ask us about our A+ rating from the Better Business Bureau and our incredible complaint-free record and you will know: you have found your lender! Why are you still waiting for the â€œbig bankâ€ to call you back? Get in touch with someone who cares-TODAY!
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