Jumbo mortgage is a type of mortgage where the amount borrowed is beyond the conventional loan limits set by the Federal Housing Finance Agency. In contrast with the traditional home loans, jumbo mortgages are not eligible to be purchased, guaranteed, securitized by Fannie Mae or Freddie Mac.
As jumbo mortgages are made to finance luxury properties, finding the best jumbo mortgage rates, San Jose, CA, becomes a big deal. A slight percentage variation can make a significant difference in your financial situation in the long run.
To help you find the best jumbo mortgage rates available in the market today, we are sharing the following tips:
Consider the recommendations from the people around you. You’d be surprised that valuable information can also be found right under your nose – hiding in plain view, as they say. They can be from your loved ones, friends, and neighbors, colleagues, etc. Who knows? They might be able to point you to the best home loan providers in your area. The advantage of this is that you can get important information from real people and those with first-hand experience with the mortgage companies they recommend.
The use of comparison sites. Using comparison sites for jumbo mortgage rates, San Jose, CA, is considered the easiest, most accessible way of knowing the best options available. All you need is access to the internet, use search engines (e.g. Google) to search for comparison sites, and you are good to go.
Read reviews and feedback. Supposing you have now built a list of prospects. The next thing you need to know is what people are saying about these companies. With easy access to the internet, previous customers can easily post their reviews, feedback about their experience with these providers, which you can check out and use for your decision.
Scrutinize their portfolio. This is one of the most important criteria in choosing a lender. You need to examine, for instance, the companies’ industry experience, how long they have been in business, who are their notable clients, their licenses and certifications, among others.
Evaluate the factors affecting jumbo loan rates. Things like credit scores, loan-to-value, loan type are just some of the factors affecting jumbo loan rates. So, make sure you assess yourself with these factors before you accept any mortgage deal. Your mortgage broker should be able to guide you in the process.
If you want to learn more about how to get the best jumbo mortgage rates, San Jose, CA, talk to an expert at HomePlus Mortgage.
Call us today at 800-810-PLUS (7587) for inquiries.