Steve Currington of Cross Country Mortgage talks about Jumbo Loans. A jumbo loan would be a loan that’s over the conforming loan, that is $548,250. A conforming loan is a mortgage that meets the requirements to be purchased by Fannie Mae or Freddie Mac, it is like a conventional loan. In fact, they survive their loan, however they are ensured by Fannie & Freddie. It’s difficult for someone that is buying a million house, because that’s a big loan. The more you can put down on a Jumbo Loan, the better your terms are gonna be. If you have a 7/20 credit score and you’re putting 10% down, you might pay a higher interest rate or you might pay a higher cost. Whereas if you're doing a Jumbo Loan and you’re putting 20% down and you have a 7/20 credit score, then that’s a perfect bucket. And Cross Country Mortgage offers a jumbo loan that is upto 2 million and you can just put a 10 percent down.
He also shared what Annual Percentage Rate (APR), and basically the gap between your APR and your rate could be the trigger that if it has a significant difference and it is beyond normal it is your signal to check if you are being taken advantage of already.
For more info you can visit his website www.stevecurrington.com or call him at Tel: 918 281 5475.
To schedule a FREE real estate specialists consultation please contact Darryl Baskin of Baskin Real Estate Specialists powered by eXp Realty.
DARRYL BASKIN
Baskin Real Estate Specialists, eXp Realty
Email: info@darrylbaskin.com
Tel: 918 258 2600
Tel: 918 740 0077
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