利用者:BaconSwain631
出典: くみこみックス
Jumbo Refinance Mortgage Loans Can Be Approved If You're Prepared
You are thinking of a jumbo loan for any home refinance while rates are low but you've been told, "Do to not waste your time and effort applying. Not now, because the banks aren't lending!" Most banks aren't too keen on approving jumbo loans. The jumbo loans are thought a higher risk loan, especially in a stagnant economy. Some banks may offer jumbo loans but their underwriting process is really strict that getting the jumbo loan towards the closing table is impossible. There are a few banks that handle jumbo loan efficiently and will hold these loans in their portfolio. Finding this type of bank could be the initial step inside your mission to have your jumbo loan refinanced. The right bank may have the widest variety of terms and have the most flexible underwriting guidelines. There are other points that needs to be considered when choosing the right bank.
Regardless of the inherent risks posed by higher loan amounts, the basics of home loan underwriting still apply. Like home loans with amounts below $417,000, the five Cs of lending remain intact, (capacity, credit, capital, collateral, character.) So what's different with jumbo loan underwriting?
A residential jumbo loan is any home mortgage loan in which the loan size exceeds GSE's (Government Sponsored Enterprise for example Fannie Mae and Freddie Mac) limits. Currently, the GSE's loan limits are limited to $417,000.00 or $625,500 in Alaska or Hawaii. Any home loan exceeding these limits is considered a jumbo loan. This is obviously the very first obvious distinction between a typical home mortgage and the jumbo loan. With higher loan amounts comes a lesser LTV (loan to value) Have a much at least a 20% equity position on a rate/term refinance.
The loan terms will be different between various lenders and it's always prudent to consider a lender that has a number of options that can be tailored for your particular needs, whether you'll need a Thirty year fixed interest rate, a 15 year fixed interest rate or perhaps a 5/1, 7/1 or 10/1 hybrid ARM or interest only. The eye rates on these higher loans are not up to some borrowers think they would be. They generally really are a tiny bit greater than conventional mortgage rates and in some cases they might be lower than some conventional loans after their rate adjustments.
Many borrowers have unique situations and the bank that you should use is one which has a clear understanding of the distinctiveness of the higher loan borrower. For example, although many borrowers have a standard salary and W2 income, there are a disproportionate number when compared to lower amount borrowed applicants which have a W2 income which include bonuses or commissions. With the higher loan values, there are also a bigger number of self employed borrowers and professionals. Different calculations ought to be used for this type of borrower to allow for depreciation, depletion, bonuses and commissions. For a borrower's best shot at loan approval and efficiency, the higher loan amounts need a bank that has a staff of underwriters and originators who have a higher skill set and training with this type of mortgage origination and underwriting.
In order to be approved for any jumbo loan, you have to bring along support documentation. Income documentation, documentation of reserves, letters of explanation, tax documents, etc. In a nutshell, you will need 2 yrs tax returns with all of schedules, one month's newest pay stubs, two months most recent bank statements, schedule of real estate owned, most recent statements of stocks, bonds 401k and IRA accounts. A professional loan originator who is familiar with this type of loan provides you with insight on what documents you need for your application.
