Article provided by: Seattle's Mortgage Broker - Joe Tafolla
If you earn more than the median household income and you would like to purchase a home that is a little bit nicer than what everyone else is purchasing, you will inevitably run into some limits with a conventional loan. In other words, a conventional loan would not be an option for you. Thankfully there is Seattle's Mortgage Broker. We are a Seattle jumbo loan mortgage broker providing competitive rates and exceptional terms for our jumbo loan clients.
What is a Jumbo Loan?
As the name 'Jumbo loan' implies, jumbo loans are much larger than conventional loans and can help a borrower to buy a house that would be outside the realm of possibility for conventional loan borrowers. Jumbo loans are unique in a number of ways, and before you decide which kind of loan you want to borrow, it helps to be informed about them.
What are the Pros and Cons of a Jumbo Loan?
With a jumbo loan, you can receive up to $484,350. However, it is important to note that mortgage rates will be higher than conventional loan rates with a jumbo loan simply because of the amount of risk that is involved with a lender on a jumbo loan. Also, you should note that, unlike with some conventional loans, jumbo loans typically require an impeccable credit score and very little outstanding debt. Since not everyone who wants a jumbo loan will qualify for one, the best thing we can do is to advise you to contact us.
For qualified borrowers, our jumbo loans can cover as much as 80% of the home's cost, and we can get you your money fast. Rather than having to secure multiple jumbo loans, Seattle's Mortgage Broker allows our clients to get all the funds they need from us. We can loan more than the jumbo loan threshold, but decisions are made on a per-client basis.
Although there are income requirements for jumbo loans, Seattle's Mortgage Broker offers more flexibility than any other mortgage broker in Seattle. Many of our clients are able to secure their jumbo loans with no PMI. Depending on your credit score, income, age, and loan risk factor, among other criteria, you may qualify for a fixed rate as low as just 4%. Further, we allow our clients to be the homes they want with no restrictions. Seattle's Mortgage Broker really is the number one choice for a Seattle jumbo loan.
Should I Apply for a Jumbo Loan?
It's important to note that jumbo loans are not better than conventional loans for everyone! That's why it is important to talk with an experienced Seattle mortgage broker who can advise you regarding your options. Purchasing a home is a serious decision as is borrowing the money to buy the home you want. Therefore, being informed and educated about the processes and about your different loan options is really the only way to make a decision you will be happy with for years to come.
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