If you’re in the market for a large home, it’s easy to find yourself in Jumbo Loan territory. Jumbo Loans aren’t huge, rare financing packages. An average house in a hot market like Rochester Hills or Birmingham, or a slightly larger than average home in most townships will tip the scales. Any loan over $424,000 is technically a Jumbo loan. And when Loan Officers at the big banks see Jumbo Loan, they start getting really finicky.
What is a Jumbo Loan?
A Jumbo Loan is, as we mentioned above, a loan over $424,000. If you’re looking at a home worth $530,000, even a 20% down-payment puts in Jumbo Loan territory. And just as an FYI, there are currently 63 homes in Rochester Hills, 194 homes in Birmingham, and 58 homes in Troy listed over $530,000. These aren’t uncommon loans.
It’s almost October, so it’s time for spooky ghosts and wicked witches, but what really scares Loan Officers at big banks is the term Jumbo Loan. When banks have to lend out large sums of money, they start putting extra restrictions on your application. They start asking for more documents. And they start taking longer to process the paperwork. And all of that causes you a big headache.
We Love Jumbo Loans
As an independent Mortgage Brokerage, we have access to dozens of different lenders, all of whom specialize in different kinds of loans. That helps us offer you better rates, larger totals, and do it all much faster than the guys with Wall Street offices. We handle all kinds of Jumbo loans, from the ones that just squeak over the $424,000 mark, to loans in the millions.
We even help buyers finish the deal with their big bank calls it quits. I guess they just don’t want the business!
What You Should Do
Give us a call at McLellan Financial Mortgage. We’ll help you determine the right payment, find the right lender, and help complete the paperwork in a timely fashion so that you can close and start getting ready to move in! Because at McLellan Financial Mortgage, we do more than close loans. We open doors!