Factors to
Consider When
Choosing a
Jumbo Loan
Lender
1. interest rates and fees.
As jumbo loans have higher interest rates
than conventional loans, they pose more risk
to lenders. However, the difference in rates
may vary depending on the lender, loan
amount, loan term, and borrower’s credit
profile. That is why a borrower must
compare annual percentage rate of different
jumbo loan offers.
2. Loan limits and down
payment requirements.
The maximum amount a borrower can get with
a jumbo loan depends on lender’s policies and
property location. Borrowers must check with
different lenders to see what loan limits and
down payment requirements they have for
jumbo loans. Then, they can choose a lender
that meets their needs and budget.
3. Underwriting standards
and documentation
requirements.
Jumbo loans have a stricter underwriting
standard than conventional loans because
lenders want to ensure borrowers have the
ability and willingness to repay such large loans.
You must choose a jumbo mortgage loan broker
with clear and reasonable underwriting
standards and documentation requirements.
4. customer service and
reputation.
Jumbo loans are complex and involve a large
sum of money. Naturally, borrowers must work
with a jumbo mortgage loan broker with a good
reputation in the industry. Borrowers should
seek out a lender that has knowledgeable and
responsive loan officers, offers online tools and
resources, provides timely communication and
updates, and handles issues or complaints
promptly and professionally.
Thank You
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