Benefits of Jumbo Loans in Arizona
You’re not a first-time homebuyer. You are ready to sell your starter home – or already have – and you want to move into a larger or more luxurious home. Or maybe you are a first-time home buyer but you waited until you had the means to buy your dream home. In either scenario, you are looking at financing a home loan that is above the current Conventional County Loan limits. You need a jumbo loan.
“Jumbo loans” simply refer to loans of a higher loan amount. Yet, they also typically have more competitive terms than other high-dollar home loans, including more fixed-rate options and the option to not have to pay mortgage insurance.
Some of the benefits of jumbo loans include:
- Greater financing amounts available
- Options for adjustable-rate mortgages
Home buyers are typically required to have a higher credit score to qualify for a jumbo loan in comparison to other mortgage loan types. You can get a jumbo loan whether you are financing your first home or you are looking to buy an investment property. You can also get a jumbo loan if you are trying to refinance a current home loan. When you’re ready to start searching for a new home, contact the experienced Mesa jumbo loan lenders at KHoward Mortgage Team. Our jumbo mortgage bankers will provide you the knowledge, tools and resources you need to make an educated real estate decision.