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021 - How Do Jumbo Loans Work With James Jay
What you need to know about jumbo loans.
Quotes:
One thing to keep in mind about jumbo loans unlike traditional mortgages typically jumbo loans isn't sold. The bottom line is we're trying to get the loan amount under that $453,000 threshold as not to be in the jumbo loan criteria.
Shownotes:
00:38 Houston Home Talk show introduction.
00:05 A jumbo loan is a specific product. As of January 1st of 2018, a jumbo loan was considered a mortgage loan of $453,100 or higher
01:53 Pricing on non-jumbo loans is typically a little bit better, meaning the interest rates are a little bit lower typically.
02:37 San Francisco, a lot of places out in California, the FHA agency has identified a lot of these high priced areas. These are places where. The costs of real estate are just through the roof. They make some exceptions with certain states and certain cities to where their loan limits are going to be a little bit higher
03:12 We are in a state, in the state of Texas where real estate is relatively inexpensive as it compares to a lot of other major cities, which is why Houston, Austin, San Antonio, Dallas are typically always on the top 10 or so places to live for the cost of living
04:21 The only thing that may matter is if they're servicing the loan, the lender could be a little more creative with their loan programs because they're servicing it. Typically with jumbo loans, they do not get sold off, typically.
05:23 Depending on the loan amount and the terms that the jumbo loan lender is offering, it may also be wise for you to explore other options since jumbo rates are typically higher than those on traditional mortgages.
06:32 Jumbo loans, oftentimes people have 20 percent. It's not necessarily a requirement to have 20 percent. But in any mortgage situations the more you put down the better.
07:20 Keep in mind that lenders of the first mortgage have to approve any subsequent mortgages.
08:40 Keep in mind the lender of the first mortgage has to approve any subsequent mortgages that you as a buyer may want to take out because the risk of default for the first mortgage will be higher once the second is added
09:05 It's super important guys that all the options be explored with your lender. If you've got a great lender, they will be able to break this down for you and see which way they can save you the most money.
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