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Factors to Consider When Choosing a Jumbo Loan Lender

This excerpt describes four factors to consider when choosing a lender of jumbo loans.<br>Visit: https://www.altfn.com/loan-options/jumbo-loan/

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Factors to Consider When Choosing a Jumbo Loan Lender

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  1. Factors to Consider When Choosing a Jumbo Loan Lender

  2. 1. interest rates and fees. As jumbo loans have higher interest rates than conventional loans, they pose more risk to lenders. However, the difference in rates may vary depending on the lender, loan amount, loan term, and borrower’s credit profile. That is why a borrower must compare annual percentage rate of different jumbo loan offers.

  3. 2. Loan limits and down payment requirements. The maximum amount a borrower can get with a jumbo loan depends on lender’s policies and property location. Borrowers must check with different lenders to see what loan limits and down payment requirements they have for jumbo loans. Then, they can choose a lender that meets their needs and budget.

  4. 3. Underwriting standards and documentation requirements. Jumbo loans have a stricter underwriting standard than conventional loans because lenders want to ensure borrowers have the ability and willingness to repay such large loans. You must choose a jumbo mortgage loan brokerwith clear and reasonable underwriting standards and documentation requirements.

  5. 4. customer service and reputation. Jumbo loans are complex and involve a large sum of money. Naturally, borrowers must work with a jumbo mortgage loan broker with a good reputation in the industry. Borrowers should seek out a lender that has knowledgeable and responsive loan officers, offers online tools and resources, provides timely communication and updates, and handles issues or complaints promptly and professionally.

  6. Thank You Visit: www.altfn.com

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