How much is a jumbo loan?
In Denver this is becoming more and more relevant. If you are needing to borrow more than $417,000 on your home you may need to look to a jumbo loan. This may actually benefit you from a strategic standpoint as well.
The reason is that jumbo loan rates have become as good or better than normal interest rates. And if you are borrowing a substantial amount to buy or refinance your home in Denver, you may want to look to an A.R.M as well. The reason is, that imagine saving hundreds off a fixed rate mortgage, per month, for 7 years? That would be a substantial interest savings over 84 months, we can both agree.
Credit standards are tighter for jumbo loans. However, they are available, and you can even borrow up to 90% of the value of the home. Or you could take out equity up to $500,000 on a refinance in the right value position. Make sure to consult with someone who will understand your complex financial needs and prepare a long-term strategy for your mortgage needs.
If you would like to learn more, give me a call 303-779-0591 or you can also fill out an online application as well.