Let us begin this discussion by defining jumbo mortgage so that you have a benchmark idea about this type of mortgage deal can affect your next mortgage loan search.
A jumbo mortgage, in simplest terms, is a type of mortgage loan that exceeds the limits set by the government-sponsored enterprises. Lenders would require a borrower to get this type of mortgage loan when the home prices are rising.
So the question now becomes, is jumbo loan the way to go? If you are still not confident about your choice on whether or not to go for this type of mortgage loan, a mortgage loan service provider can help you understand about it more. Not only that, mortgage brokers can also help you find the best jumbo loan mortgage rates, San Diego. So, make sure you work hand in hand with your mortgage loan adviser.
Here are some tips on how to get the best jumbo loan mortgage rates, San Diego, from the experts:
Determine if you really need a jumbo loan. First things first. Find out if you really need a jumbo loan. And, again, your mortgage broker/adviser can help you find out if it is the way to go. But, basically, it depends on where you live or where you want to live. In most parts of the country, jumbo loans start at USD 453,100. However, here in California, USD 679.650 is the dividing line (data from nerdwallet).
Find out if you qualify based on credit score and LTV. Your credit score and loan-to-value ratio are an important factor in determining your jumbo mortgage rate. Historical data suggest that you need a minimum of 720 credit score and 20% LTV in order to qualify for the best rates.
Do your homework – research and compare interest rates. Time and again, this strategy has been proven effective in finding the best deals on mortgage. Comparing from at least three recommended lenders can be an effective way to carry out and effective search for the best deals available.
Want to learn more on how to find the best jumbo loan mortgage rates, San Diego? Talk to an expert at HomePlus today.