Jumbo Loans
What is a Jumbo Loan?
Jumbo home loans are larger than most conventional loans and are typically used to purchase a property listed above the market’s average.
That said, Jumbo Loans are still classified by lenders as a “traditional” loan program. Although being able to borrow this much money can be a major incentive, qualifying for a Jumbo Loan has become more difficult over the past few years. That’s why it pays to have an experienced mortgage loan officer in your corner like John Shrein at Saguaro Lending. For starters, a Jumbo Loan has a higher interest rate than a conventional mortgage. As a more flexible lending option, you can also apply for a Jumbo Loan – or even a Super Jumbo Loan – with a fixed rate or adjustable rate.
The pre-approval process for a Jumbo Loan is very much like a conventional mortgage, with an added emphasis on a higher credit score and annual income due to the loan’s higher borrow amount.
As a borrower, a Jumbo mortgage includes:
- You’ll get great rates for big loan amounts
- You’ll enjoy maximum flexibility for larger loans
- Choice of fixed or adjustable interest rates
- You may qualify for an interest-only payment option
Saguaro Lending offers Jumbo Loan rates in Arizona and Washington.
