There are strategies on how to get jumbo loans. Jumbo loans, as the term suggests, are those loans within the $417,000 mark with interest rates higher than conventional loans. Nevertheless, strategies on how to get jumbo loans are simple and, quite surprisingly, familiar to borrowers. To have that desired jumbo loan, you need to:
Get as much cash on the table as possible. Jumbo loans are all about taking risks. If you put more cash into it, chances are better for you to have that jumbo loan in due time. It is also a bonus if you can do something about your lender’s risk exposure.
If you can, employ the services of a mortgage broker. Your broker can make things easy for you. They will find deals whereby you can get that jumbo loan. Otherwise, you run the risk of cutting yourself from the best deals which a broker can do for you.
You need to also factor in higher interest rates. You can only do this by getting enough loan options from your mortgage lender. Secondary markets have higher interest rates than conventional ones.
Scrutinize your application. Try to make your application squeaky-clean. Remember, there are other databases that will reject your application even at the expense of a misspelled word. Check your application every now and then.
Get a good closing of your account. Don’t be too compulsive when it comes to closing costs; try to scour some more lenders and compare interest rates for instance, and you may have less cost and even a lesser interest rate in the end.
Jumbo loans are possible. But only when you have done the necessary assignments of checking and comparing lenders for that hefty amount of loan can you avail them. So try loaning in a jumbo way!