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 $424,100), 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.
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All information provided in this publication is for informational and educational purposes only, and in no way, is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Midwest Equity Mortgage, LLC does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Midwest Equity Mortgage, LLC do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.