/ Mortgage Loans
Jumbo Loans in Arizona
What happens when the cost of your dream home exceeds the limit of a standard conventional loan? You take a look at applying for a Jumbo Loan in AZ. Summit Lending Solutions LLC offers you the ability to apply for a jumbo mortgage which will allow you to potentially take out a larger loan than a conventional home loan. Buying a high-priced house will be much easier with the help of a jumbo loan, provided you meet qualification requirements set by the HUD. You’re trusting us with your finances, and as such, we like to be open and transparent about our process.
As a 1st time home owner, I definitely recommend Summit Lending. Craig and Linda, as they walked with me throughout the whole home buying process, nowhere in the process I felt lost or out of the loop. I appreciate their hard work and dedication to help me purchase my home!
tips when applying for a jumbo loan
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.
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WHY CHOOSE A JUMBO LOAN?
A jumbo loan offers you the chance to get more money to pay for your luxury property. Consult with our team to explore the full benefits of a jumbo loan and find a flexible loan offer that is right for you.
There are several things to consider when applying for a jumbo loan in Arizona, and we recommend that you take the time to understand all of the benefits.
If this does not seem like a good option for you then we we recommend that you check out the details of a conventional loan or FHA loan in AZ.
FAQs
Jumbo loan rates are similar to those for conforming loans. schedule a free consultation with us to review your loan rate options and help you make an informed decision.
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