Getting Approved for Your Jumbo Loan

If you just began searching for the right jumbo loan option you might like to understand…

• 2 reasons why banks could be your worst jumbo loan option
• Exactly how much you will be expected to save for a down payment
• Why it’s critical to be 100% honest about your income on your taxes
• When it’s most critical to begin looking at your payment term options
• The one final deciding factor that gets you approved, or kills your deal

If you are ready to discovered how to avoid the pitfalls and get approved for your jumbo loan the easy way then you will definitely want to read from where you’re sitting right now.

As you can imagine most people looking for a homes in Long Beach that cost more than $729,000 initially believe that they are simply applying for a home loan, and many are surprised to discover that they have to meet a more complicated list of criteria.

If you’re wondering how to get approved for a large loan, don’t panic.  Take a deep breathe because you may be surprised at just how easy it is to qualify for a luxury home in the desirable neighborhood of your choice.

Rule #1: Big Banks Might Lose Your Business. Contrary to what you might believe you can get a better rate from your jumbo loan when you work with an individual Sr. loan officer who takes the time to understand your situation, and your needs. While banks do not feel the need to compete for your business, we take the time to customize your experience so you get exactly what you want because we work from referrals.

Rule #2: Ready Yourself for a Larger Down Payment. Most people responsible enough to afford a home that requires a jumbo loan already have a good down payment stashed away. However, if you are still banking on getting your new jumbo mortgage for 5% down, you may want to think again because most lenders require at least 20%. Don’t worry because if you don’t have 20% in cash, you can always call me to discuss how you can use money from other sources in your financial toolbox.

Rule #3: Document Your Income. It is not surprising to learn that many people who can afford to pay off a jumbo loan are often entrepreneurs. Nearly a decade of experience successfully closing loans has taught me that entrepreneurs do an excellent job of tracking their income, but they do an even better job of finding tax deductions. Your net income might look far smaller than it actually is because you use write-offs to pay fewer taxes. There are ways to still get into the home of your dreams, in fact many ways, but a big bank will rarely take the time to help you make it happen.

Rule #4: Expect Choices. When you work with a professional mortgage consultant you should expect to have choices including an adjustable rate loan, or a fixed rate loan, as well as a low-interest rate for a few years before facing a balloon at which time you can refinance.

Rule #5: Limit Your Mortgage Debt to Income Ratio. Expect to be able to take out a loan up to 38% of your monthly gross income, before taxes, however some lenders require that you stay within this limit including your other monthly debt.

Even if you do not meet all of the criteria we have discussed above you might still qualify for the right loan to get into the home of your dreams. You can find out by simply calling me at (562)257-5008 or send your questions and comments by filling the boxes below.

Find the Answers You Need Here

Process of Getting Approved for a Home Loan • How to Pay Off Your Mortgage Early? •  How Much Can You Afford For a House? • How to Get Approved for a Large Loan? • Refinancing Home Mortgage