Find Jumbo Loans with Better Rates

Posted by elevationmtg on December 16th, 2020

Jumbo mortgages or jumbo loans in Colorado are financing programs for loan amounts that go over the limits set by the Federal Housing Finance Agency (FHFA). These loans are designed to finance luxury properties, especially those found in highly competitive markets.

Aside from its high limits, jumbo home loans in Colorado are not eligible for purchase via Fannie Mae or Freddie Mac.That said, anyone can apply for jumbo loans in Coloradoas long as they meet up the specified criteria.

How can you qualify for a jumbo mortgage?

First of all, you need a credit score of at least 700, with little to no issues in your credit report. On top of that, you must have a low debt to income ratio and access to cash on hand to cover your payments. It’s also necessary that you have enough finances to handle a down payment of at least 10%.

Once you havemet the eligibility requirements for jumbo loans in Colorado, you can start applying. The maximum loan amount is million. The money may allow you to invest in luxury estates and high-quality properties in your area. But what would it take for you to find the best rates for your home loan in Colorado?

1. Ensure that you meet all the eligibility requirements.

Like any other home loan in Colorado, jumbo loans have eligibility requirements. Those mentioned above are just the tip of the iceberg. Your assets and the value of the property you are buying will also be considered.

A jumbo mortgage is most appropriate for those classified under high-income earners, making around 0,000 to 0,000 per year. These people have better credit scores, credit histories, and more established retirement accounts than low-income earners.

2. Do your research.

Jumbo loan rates can vary per day. They aren’t necessarily lower or higher than conventional rates because the market is continually changing. You need to keep a close eye on the prices to ensure that you obtain the best rates possible.

3. Look for experienced lenders in Colorado.

If you have trouble monitoring rates yourself, don’t worry—themortgage brokers can do the needful. Qualified lenders have extensive industry knowledge that can help you compare different rates available for jumbo loans in Colorado, advising you on the best path to take.

About the author:

Elevation Mortgage, LLC is a mortgage broker and we serve loans in Colorado. Our focus is VA loan, FHA loans, Conventional loans and Reverse Loans. Our office is located in Colorado Springs, which is where the majority of our business comes from.