MckimWheeler975
出典: くみこみックス
Jumbo Refinance Mortgage Loans Can Be Approved If You're Prepared
You're thinking of a jumbo loan for a 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 interested in approving jumbo loans. The jumbo loans are considered high risk loan, particularly in a stagnant economy. Some banks may offer jumbo loans however their underwriting process is so strict that obtaining the jumbo loan to the closing table doesn't seem possible. There are some banks that handle jumbo loan efficiently and will hold these loans within their portfolio. Finding this kind of bank could be the initial step in your quest to have your jumbo loan refinanced. The best bank may have the widest array of terms and have the most flexible underwriting guidelines. There are other points that should be considered when choosing the right bank.
Regardless of the inherent risks resulting from higher loan amounts, the basics of mortgage 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 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 capped at $417,000.00 or $625,500 in Alaska or Hawaii. Any mortgage loan exceeding these limits is considered a jumbo loan. This is obviously the first obvious distinction between a typical mortgage and also the jumbo loan. With higher loan amounts comes a lesser LTV (loan to value) Have a much a minimum of a 20% equity position on a rate/term refinance.
The borrowed funds terms will vary between various lenders and it is always prudent to consider a lender which 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 a 5/1, 7/1 or 10/1 hybrid ARM or interest only. The eye rates on these higher loans aren't up to some borrowers think they'd be. They generally are a tiny bit higher than conventional mortgage rates and perhaps they may be less than some conventional loans after their rate adjustments.
Many borrowers have unique situations and the bank that you ought to use is a that has a clear knowledge of the uniqueness of the higher loan borrower. For example, although a lot of borrowers have a standard salary and W2 income, there's a disproportionate number in comparison with lower loan amount applicants which have a W2 income which include bonuses or commissions. With the higher loan values, there are also a bigger quantity of self employed borrowers and professionals. Different calculations ought to be employed for this type of borrower to match depreciation, depletion, bonuses and commissions. For a borrower's best shot at loan approval and efficiency, the larger loans need a bank that has a staff of underwriters and originators who have a higher set of skills and training for this type of loan origination and underwriting.
In order to be approved for any jumbo loan, you have to be prepared with support documentation. Income documentation, documentation of reserves, letters of explanation, tax documents, etc. In a nutshell, you'll need 2 yrs tax returns with all schedules, one month's newest pay stubs, two months most recent bank statements, schedule of property owned, most recent statements of stocks, bonds 401k and IRA accounts. An expert loan originator who is familiar with this type of loan provides you with insight on which documents you need for your application.
