If you intend to buy a property in San Diego priced beyond the range of a conventional mortgage, you would consider applying for a jumbo loan. As the amount is higher than conforming loans, you should find the best jumbo rates in San Diego. Remember, even a half percentage point reduction in the rate you get can save you several thousands of dollars.
Make sure to have a healthy credit score, convincing loan-to-value ratio – credit score and LTV are good starting points for the best jumbo mortgage rates. A credit score of 720 or higher and 80% LTV or lower can increase your chances of getting the best deals.
Use lender comparison sites – there are plenty of tools online that allow you to compare jumbo mortgage rates from different lenders. These comparison sites are easy to use, have real-time data pulled from a vast list of lenders.
Take note of the top jumbo mortgage lenders – some jumbo mortgage lenders have the reputation of being on top above others. The industry recognizes them for the right reason. Those who are considered top lenders usually offer the best deals. So, take time to search online and take note of those jumbo mortgage lenders. You should include them in your list of prospects.
Compare jumbo mortgage rates to conforming rates – there may be a time when jumbo rates do not make sense when you compare them to the conforming loan rates. If you think jumbo rates are currently not so enticing, then you might reconsider your plan to apply for jumbo loans. Instead, go for conforming loans. All you need to do is make a higher down payment enough so that your target loan amount is within the range of the conforming loans.
Do you still have questions about the best jumbo rates in San Diego? Talk to a mortgage expert at HomePlus today.
Please call us at (800) 958-7587.