Consumers need to properly evaluate both sides of the jumbo loan coin to ensure that the loan is right for them and their housing needs. Some pros to securing a jumbo loan include:
•Jumbo loan mortgages are just as easy to secure as conforming loans as long as the applicant has a good credit history and meets the income guidelines necessary.
•Jumbo loan mortgages can help finance the purchase of a dream house sooner than later.
The disadvantages of opting into a jumbo mortgage rate include:
•Jumbo loans are considered to be a higher risk than traditional mortgage rates. Lenders will charge borrowers more in the form of higher interest rates for the privilege of borrowing larger than average sums of money.
John Cushma is a hands on Loan Officer from start to finish
For informational purposes only and is not a commitment to lend. Programs, rates, terms and conditions are subject to change at any time. Availability dependent upon approved credit and documentation, acceptable appraisal, and market conditions. Not all programs available in all areas. CrossCountry Mortgage Inc. is a Pennsylvania Corporation headquartered at 22 Rutgers Road, Pittsburgh, PA 15205. NMLS# 1423174 #3029; www.nmlsconsumeraccess.org; Equal Housing Opportunity.