Jumbo Loans
At Integrated Funding, a Raleigh, NC mortgage company, we specialize in helping residents of Raleigh, Cary, Wilmington, Charlotte, and beyond find their ideal mortgage solution. One of the ways we do this is by looking at all available loan options and programs and helping our clients apply for them.
What Is A Jumbo Loan?
If you’re looking to buy a home in Raleigh, NC with a higher price tag, you may be interested in getting a jumbo loan. Jumbo loans are required for mortgages that exceed $726,200 for a single-family home in the United States, excluding Hawaii and Alaska. Because these properties exceed the conforming loan limits set by the federal government, purchasing in this market may require a jumbo loan to cover the higher price of the home.
What Is A Jumbo Loan?
If you’re looking to buy a home in Raleigh, NC with a higher price tag, you may be interested in getting a jumbo loan. Jumbo loans are required for mortgages that exceed $726,200 for a single-family home in the United States, excluding Hawaii and Alaska. Because these properties exceed the conforming loan limits set by the federal government, purchasing in this market may require a jumbo loan to cover the higher price of the home.
Wondering If You Qualify For a Jumbo Loan?
If you’re considering a jumbo loan on your home in Raleigh, NC, Integrated Funding can help by presenting you with the current jumbo loan rates in your area and the specific loan qualifications that apply to your situation.
To qualify for a jumbo mortgage loan you’ll typically need:
- A lower debt-to-income ratio
- A higher credit score
- A larger down payment
- Higher reserves (or emergency funds)
Lower Interest Rates With a Jumbo ARM
Looking at a jumbo loan for your home mortgage in Raleigh or the surrounding areas? If so, you may want to consider getting an adjustable-rate mortgage (ARM) to lower your mortgage interest rates.
The majority of borrowers with a jumbo loan choose to do an adjustable-rate as opposed to a fixed-rate mortgage because it has lower interest rate. With an ARM, the interest rate is fixed for the introductory period, which is usually 3, 5, 7 or 10 years, but then adjusts every year based on current market interest rates.
At Integrated Funding, we have a staff of mortgage and home-buying experts who are ready to help make your dream of buying a home a reality. If you’re interested in getting a jumbo loan or adjustable-rate mortgage on your new home in Raleigh, contact us online to make an appointment with one of our mortgage advisors.
919.847.2766
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