Jumbo Mortgage Loans in California
California jumbo loans are loans that exceed the limits set by the Federal Housing Finance Agency (FHA). They’re also called jumbo mortgages. Jumbo mortgages in California exist to fund luxury properties or homes in very competitive local real estate areas. As such, they have specific underwriting requirements and paperwork involved.
When Do You Need a California Jumbo Loan?
The value of jumbo loans varies from state to state and even from county to county. In California, a jumbo loan is for home loans that exceed $822,375. If you’re interested in buying a home that costs more than this, and don’t have that much money in your bank account, you’ll want to look into getting a jumbo loan. Since the Great Recession and the real estate housing bubble of 2008, requirements for a jumbo loan have become more rigorous. However, with the right mortgage loan company on your side, the process is still just as easy.
How Do You Get the Best Deal on a Jumbo Loan?
In order to get the best deal on a jumbo loan, you’ll want to be sure you have an excellent credit score as well as a low debt-to-income ratio. The average APR for jumbo loans is on par with conventional mortgages, so knowing this should bring you some peace of mind with regard to the costs over time.
Working with a Company that Specializes in Jumbo Loans
Here at LBC Mortgage, we understand the unique needs of borrowers who are looking to take out jumbo loans to buy the home or property of their dreams. We also understand that jumbo loans come with their own unique set of circumstances and regulations.
Fortunately, as the California jumbo loan specialists, we’re prepared to work with you to help you get the best possible deal. Our network of established, reputable and reliable lenders have worked with many high earners and are experienced in accommodating your needs as well as understanding your goals for your new home or property.
Why Choose LBC Mortgage?
We’ll take the time to answer any questions you may have, as well as look into other loan options beyond jumbo loans to help get you the maximum savings possible. There are a variety of home loans out there, some of which are guaranteed by Fannie Mae and Freddie Mac, and others, like jumbo loans, which are not. It’s important to weigh the pros and cons of the different types of mortgage loans to help you figure out which one works best in your favor while helping you reach your goals.
And that’s exactly what we’re here for! Contact us today and let our responsible, friendly California jumbo loan experts help demystify the whole jumbo mortgage process for you. We’ll work hard to earn your business, comparing deals, long-term costs, tax liabilities and more so that you can save both time and money while enjoying all of the beauty and splendor that your new luxury home has to offer.