4 Tips for Jumbo Financing - Jumbo Financing Update

4 Tips for Jumbo Financing - Jumbo Financing Update

NOTE: After I made this video I found out – if you have missed a payment due to forbearance in 2020, chances are you do not qualify for Jumbo financing currently.

You may not know this but back when the Pandemic and Shelter in Place hit America, almost all jumbo financing was gone.
Now we are seeing it come back but there are a few things you should know when applying:

#1 Rates Vary

There is a lot of discrepancy with rates. I actually have some borrowers refinancing with me because certain big banks are not doing jumbo loans at all or they want huge deposits. If you call the servicing department rates are different.

Banks that are notoriously jumbo low-price leaders are way above market. We see rates from the 4’s to the 2’s with jumbo right now.

Some wholesale jumbo lenders are so backed up they have hit their rates sheets with fees to slow down volume and they are still taking 35 business days to underwrite.!!!

# 2 Turn times

We have some lenders taking 35 – 45 days – BUSINESS days on a refinance – Way too long and others with a 3 -7 day approval time.

When it takes that long to close a loan you are asking for nothing but frustration and additional expenses, trust me – I know

# 3 Reserve requirements

How much money do you need in the bank when you close for reserves?

Reserves are cash funds you possess at the time of closing to show you can cover your future housing payments.

Depending on what kinds of property you have and how many you will have different reserve requirements and all jumbo lenders are different.

#4 Documentation
Guidelines are very conservative and differ between lenders. Be proactive and move fast for your loan officer and their team. Things expire and you will only get more frustrated if you delay things.

Remember with the pandemic, mortgage payments and employment are always getting checked on.

These loans are more documented than conforming loans and everyone complains about those.

As usual we recommend checking with a local independent mortgage brokerage like Fresh Home Loan Inc that is privy to the jumbo market.

For more information:
Garrick Werdmuller
Independent Mortgage Broker
Fresh Home Loan Inc.
510.282.5456 – Direct/Text
garrick@freshhomeloan.com
1151 Harbor Bay Parkway Suite 136
Alameda CA 94502

Purchase:
https://freshhomeloan.com/home-purchase/

Refinance:
https://freshhomeloan.com/refinancing/

Find out more about our loan process here:
https://freshhomeloan.com/

#realestate #money #finance #loan #mortgage #homes (choose 3)

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