Jumbo Mortgage Loans - Getting Approved for a Jumbo Mortgage
Getting approved for a jumbo mortgage loan online is similar
to getting approved for a traditional mortgage when you use a
mortgage broker. However, you can expect to find lower interest
rates online with better terms.
Choose Your Type Of Jumbo Mortgage Loan
Jumbo mortgage loans offer as many financing options as a
conventional mortgage loan. You can pick from a fixed-term loan
to an ARM with one to ten years until rates lock in. You can also
put zero down, have unverified income and assets, or no ratio
Before you apply for a jumbo mortgage loan, determine which
type of loan is best for your situation. You can read up on loan
terms on mortgage brokers' websites.
Shop Rates And Fees
Since jumbo mortgage loans can't be sold off to Fannie Mae or
Freddie Mac, you can expect to pay slightly higher rates, as
little as 1/8% more than a conventional mortgage loan.
Just like with a traditional mortgage, it pays to compare
rates and fees to find the best mortgage. Request quotes from a
mortgage broker before deciding on a jumbo mortgage lender. Also,
request information on the fees included in the loan, which must
be disclosed according the federal law.
Tips For Quick Approval
To speed up your application process with a mortgage lender,
complete as much information online. Applications completed
online are fed directly into the lender's databases, which can
then be verified almost instantly.
Also be sure to complete the application. Any fields left
blank or only partially completed will cause a delay in the
process as a person will have to verify and correct the
information. And, double-check for any spelling errors in your
application, which will result in the databases not correctly
matching your information with the lender's sources.
After Mortgage Approval
After you are approved for you jumbo mortgage, continue to
keep in touch with the mortgage lender throughout the process.
Email and phone calls replace office visits and ensure funds are
process on time. You can also avoid any problems by submitting
needed information about the property before you receive the
request in the mail.
To view our list of recommended mortgage lenders online, visit
this page: Recommended
Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an
informational website online about various types of loans.
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