Purchase A Home
With A Jumbo Loan
If you are
looking to purchase a home in an area with high housing cost
such as California, New York, New Jersey, Hawaii, ect.
You
should become accustomed to financing a home with a jumbo
mortgage.
Within the past
few years mortgage interest rates have dipped to levels that
make affording more home a reality. Since you are working with a
higher loan amount, the effect of having a small difference in
interest rate can dramticlly effect your monthly mortgage
payment compared to a home that is worth $100,000.
Lets look at an
example.
The difference
in a 1% interest rate on a $400,000 from 6% to 7% is $263.00
compared to $65 on a $100,00 loan amount.
What do I need
To Do?
Get A
Preapproval Letter
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Before you do
anything you will want to get a pre-approval letter from a
reputable mortgage company. By getting preapproval, you show the
buyer as well as the real estate agent that you have the
purchasing power and you are serious about buying a home. Most
of the time a realtor will only show you homes when you have
recieved pre-qualification. When speaking with your mortgage
company, let them know your intentions to obtain approval.
