Summit Lending Solutions LLC has worked with numerous clients over the years to help people acquire their dream homes. Being approved for a jumbo loan will enable you to pay for that perfect high-quality home you desire. Select from a variety of available mortgage loan options and find the loan that works for you. Jumbo loans are available at 30-year fixed interest rate or adjustable interest rate options, and they come with multiple down payment options.

Some of the most important things remember when applying for a jumbo loan in AZ are:

• Market conditions. The market changes frequently which impacts the supply and demand for this type of loan product, in addition, rates change too. Timing is key!
• Your down payment. Jumbo loans have specific down payment requirements that you should understand well in advance of applying for one. Call us for the most current requirements.
• Due diligence. Because these loans are larger than your standard home loan, lenders may spend more time researching who you are or ask you to supply additional documentation.
• Rates. Jumbo loans typically come with higher rates than conventional loans because of the increased risk the lender is taking on. You are welcome to contact us for rate quotes.
• Credit history. Your credit history plays a critical role in your loan application and we recommend contacting your broker to know exactly what you need or should expect.
• Documentation. Having all of your docs ready, organized, and filled out will go a long way when applying for a jumbo loan. You will need to answer, in detail, several questions regarding your finances. 

There are a few more things to consider, like having multiple appraisals on the property you’re buying. Multiple appraisals can really help save time for the lender and act almost like a qualifier. We did not include this in the high-level list because we need to speak with you before layering in our strategy, opinions, a full list of documents, and others. Each person’s situation is a little bit different, but that small difference could significantly change your loan requirements. Again, jumbo loans are considered to be “riskier” than conventional loans, so we cannot predict what the lender would like you to provide until we have a clear understanding of your current situation.