Jumbo Mortgage Loans in Gainesville – What You Might Not Know
Jumbo mortgage loans in Gainesville are simply and example of private market lending. Jumbo mortgage loans exceed the limit for conventional loans that can be purchased and sold on the secondary market. As a result, market forces come into play.
Every bank or lender, each with its own tolerance for risk, has jumbo mortgage loan products on the market. The rates and fees reflect the risk that lender is willing to take. When a lender feels good about incurring jumbo mortgage risk, then their jumbo mortgage rates decrease. On the other hand, when a they prefer not to take on jumbo mortgage risk, then their jumbo mortgage loan rates go up.
For this reason, you can price jumbo mortgage loans at 3 different banks or lenders and get 3 very different rates. In the conforming market, rates are much more consistent from lender to lender. Since they are more competitive, conforming mortgages backed though Fannie Mae and Freddie Mac or FHA mortgages will only experience slight rate variations between lenders. This is also because all of these loan types are flowing through or insured by the government. Rates as well as closing costs are the similar from lender-to-lender.
With jumbo loans, though, there’s a lot of variation.
When you hear terms like “jumbo” or “super jumbo” — these are terms for conforming products, that all eventually find their way to Fannie Mae or Freddie Mac. It is important to know that these are not your only option in the jumbo mortgage world. On the contrary, there are many jumbo mortgage lenders, banks and financial institutions across America eager to help you. Most of the mega banks, and you know who they are, prefer to sell their loans instead of carrying them on their books. However, there are plenty of jumbo mortgage lending sources who hold their loans in house. This allows the institution to underwrite loans that make sense rather than conform to rigid governmental rules. In addition, they often offer pricing (rates) considerably more favorable than the big bank sources. Landmark Mortgage Planners has affiliations with dozens of these independent lenders all across the country. As a result, we can help you find the jumbo mortgage lender with the perfect combination of price and terms for your unique situation.
Apply For A Jumbo Mortgage Loan
There are many sources for jumbo mortgage loans – you just have to know where to find them. The type of bank or financial institution that does jumbo mortgage loans is usually significantly better at underwriting and approving jumbo loans than in marketing them. As a result, you usually can’t find them by searching on Google. That’s where we come in. Because of our affiliations with jumbo mortgage lenders across the country, we have access to loans with a variety of criteria. We can look at just about any loan size or loan scenario. In most cases, if it makes sense — it is a loan we can make. If you would like help finding the perfect jumbo mortgage loan for your situation, click below to schedule an appointment or make application online.
“Visit our Landmark office on NW 37th Place for a meeting with one of our mortgage planners. Our planners are educated and can discuss ways to properly integrate your jumbo mortgage loan into your overall long and short-term financial strategies. Our planners are much more than just application takers at Landmark Mortgage Planners. We look forward to serving you.”