Jumbo Loans for High-Value Properties

shape shape
image

Jumbo Loans: Unlocking the Door to High-Value Real Estate

For prospective homeowners eyeing luxury properties or those shopping in competitive real estate markets, the price tag often exceeds the limits of a ...

Read More
image

Banks vs. Credit Unions: Which is Better for Your Mortgage?

When embarking on the significant journey of securing a mortgage, one of the first and most crucial decisions is choosing where to obtain your loan. T...

Read More
image

Conventional Conforming vs. Non-Conforming Loans: A Homebuyer’s Guide

Navigating the mortgage landscape requires understanding the fundamental categories of home loans, primarily the distinction between conventional conf...

Read More
image

Understanding Mortgage Limits: A Guide to FHA, VA, and USDA Loan Caps

Navigating the world of government-backed mortgages can be complex, particularly when determining how much one can borrow. A common question among pro...

Read More
image

15-Year vs. 30-Year Mortgage: Choosing Your Financial Path

The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...

Read More
image

15-Year vs. 30-Year Mortgage: A Guide to Choosing Your Term

The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...

Read More
FAQ

Frequently Asked Questions

Not necessarily. It’s nearly impossible for any business to have a perfect record. The key is to look at the overall volume and the nature of the complaints. A handful of negative reviews among hundreds of positive ones is normal. However, if the negative reviews highlight the same serious issue (e.g., closing delays), it should be a significant concern.

Most conventional lenders prefer a back-end DTI of 36% or less. However, some government-backed loans (like FHA loans) may allow DTIs up to 50% or even higher in certain cases, provided the borrower has strong compensating factors like a high credit score or significant cash reserves.

While the exact reduction can vary by lender and market conditions, one discount point typically lowers your interest rate by 0.25%. For example, a rate of 4.5% might be reduced to 4.25% by purchasing one point.

This depends on your financial goals and risk tolerance. Compare your mortgage’s after-tax interest rate to the potential after-tax return on investments. If your mortgage rate is high, paying it down offers a guaranteed “return.“ If you can earn a higher, reliable return by investing, that may be the better path.

Homeowners often use subsequent mortgages for debt consolidation, major home renovations, funding a large purchase (like a car or boat), investing in other properties, or covering educational expenses. Some even use them for business capital or to avoid Private Mortgage Insurance (PMI).