A Jumbo mortgage loan is for loan amounts above the conforming loan limit and is not eligible to be purchased, securitized, or guaranteed by Fannie Mae or Freddie Mac. Jumbo loan programs are generally offered as 15-year and 30-year Fixed-Rate Mortgages or as competitive Adjustable-Rate Mortgage (ARM) loan products with full documentation, alternate documentation, and limited documentation.
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Program features:
Our easy-to-use mortgage calculators allow you to quickly estimate your monthly payment*
CALCULATORSThis is the process of determining whether a borrower has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. A pre-qualification is subject to verification of the information provided by the applicant. A pre-qualification is short of approval because it does not take account of the credit history of the borrower.
For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. A pre-approval includes all the steps of a full approval, except for the appraisal and title search.
A mortgage larger than the maximum eligible for conforming purchase by the two Federal agencies, Fannie Mae and Freddie Mac.
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.
Both income and assets are disclosed and verified, and income is used in determining the applicant's ability to repay the mortgage. Formal verification requires the borrower's employer to verify employment and the borrower's bank to verify deposits. Alternative documentation, designed to save time, accepts copies of the borrower's original bank statements, W-2s and paycheck stubs.
It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.
A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac.
It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "2 points" means a charge equal to 2% of the loan balance.
Usually, people refinance to save money either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable-rate mortgage loan to a fixed-rate loan or to consolidate debts. The decision to refinance can be difficult, we encourage you to connect with a member of our team if you are considering a refinance.
Your local lending partner, our team strives to exceed your expectations before, during and after the mortgage process.
Reach out to our team of local mortgage loan officers and take the initial step towards homeownership. Our team is ready to assist you throughout the process, offering you the necessary information and guidance to help you make informed decisions for your unique needs. Don't delay any longer - contact our team today.
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*Not a commitment to lend. Calculation estimates are hypothetical and intended for educational purposes only. Additional fees and costs, such as taxes and insurance, may not be included and may be different based on the loan program. Actual payment obligation may be higher. Loan programs, interest rates, loan terms and conditions are subject to change and may vary based on market conditions and individual circumstances. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. For more information, please consult with one of our licensed loan officers.
These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.