Jumbo Mortgage Loans – What You Might Not Know

Jumbo Mortgage LendingJumbo mortgage loans are a great example of private market lending. Because jumbo mortgage loans exceed the limit for conventional loans that are bought and sold on the secondary market, market forces come into play.

Each bank or lender — with its own tolerance for risk –puts jumbo mortgage loan products on the market and their rates and fees reflect the risk to that lender. When a they feel good about taking on jumbo mortgage risk, their jumbo mortgage rates are reduced. Conversely, when a they are uncomfortable taking on jumbo mortgage risk, their jumbo mortgage loan rates increase.

This is why you can shop jumbo mortgage loans at 3 banks or lenders and get three very different rates. You rarely see that in the conforming market where rates are fairly consistent from lender to lender. With conforming mortgages though Fannie Mae and Freddie Mac or with FHA loans, you will get only slight variations from lender to lender. This is because all of these types of loans are flowing through the government. Rates are the similar from lender-to-lender, and closing costs are often close, too.

Jumbo LoansWith jumbo loans, though, there’s a lot of variation.

See, when you hear terms like “jumbo” and “super jumbo” — these are words for conforming mortgage products, which eventually find their way to Fannie Mae or Freddie Mac. These are not your only option in the jumbo mortgage lending world.  To the contrary, there are many jumbo mortgage lenders on Main Street eager to help you. Many of the bigger banks (you know who they are) prefer to sell their loans instead of keeping them on their books. However, there are other jumbo mortgage lending sources who keep their loans, allowing them to underwrite loans that make sense rather than adhere to stiff secondary marketing rules. They also often offer rates (pricing) which is better than the big bank sources. We have affiliations with these type of lenders all across the country. As a result, a Landmark Mortgage Planner can help you find the jumbo mortgage lender with the perfect combination of price and terms for you.

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There are plenty of jumbo mortgage loans – you just have to know where to find them. The type of lender that does these jumbo mortgage loans are usually much better at underwriting and approving these loans than marketing them. Because of that, you will never find them by searching on Google. That’s where we come in. Through our affiliations, we have access to lenders across the country that approve jumbo mortgage loans with varying criteria. Almost any loan size or loan scenario is something we can look at. In many cases, if it makes sense to the lender it is a loan we can make. If you would like help with your jumbo mortgage loan, click below to schedule an appointment or make application for a pre-approval online. Or if you just want to see rates – click ‘get rates now’.

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“Visit our Landmark office on the corner of 36th and Fort King for a meeting with one of our mortgage planners. We will discuss ways to properly integrate your mortgage loan into your overall long and short-term financial strategies. We are more than just application takers at Landmark Mortgage Planners and we look forward to serving you.”

Rob Ziebart, Owner/Manager