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Jumbo Loan Options that save borrowers tens of thousands of dollars

September 28th, 2012 by [shareaholic app="share_buttons" id="27157108"]

Many borrowers that require a jumbo loan will start searching for a loan by going to the bank or credit union that they belong to.  This is the borrowers first natural instinct of who to check with.  It is just habit and the first place to go to for a mortgage loan. The challenge with jumbo loans, most banks and credit unions don’t specialize in Jumbo Loan products.  they may offer Jumbo loans, but they only offer the traditional run of the mill option that every other bank and credit union offers.  95% of all banks and credit unions have the same jumbo loan guidelines, down payment requirements, equity requirement for refinancing, credit guidelines, loan options, etc. Are they additional options for borrowers of Jumbo loans?  YES, Emphatically I can answer Yes. As a mortgage broker, we have multiple options for jumbo mortgage loans.  We have higher loan to value (LTV) options, we have higher loan amount options, additional types of properties to lend on. The latest  jumbo loan, I was able to get an additional 5% LTV for a client, which saved the family approximately $50,000 out of pocket.  The sole reason that the family chose to work with me is the ability to get them an additional 5% LTV on their loan.  One of his good friends is a loan officer for another mortgage company and he was cappted at 75% LTV, the credit union that he belongs to, the largest in the state of Utah capped their loan at 70% LTV. What’s the difference some might say?  Why was I able to get the family an additional 5% LTV which saved a family over $45,000 in down payment funds on their loan at the same low interest rate that the other lenders offer?  As a mortgage broker, there are banks in the country that offer loan options to mortgage brokers through their wholesale lending channels.  Then with the relationships and being able to help analyze the loan, package it up correctly and write letters to the bank when the situation makes sense, we are able to get exceptions that cannot be done if you go to the traditional lending channels. Ben Gerritsen is a jumbo loan specialist in Utah.  He specializes in Jumbo mortgage loans.

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