Are you suitable for a jumbo mortgage
With a growing number of Canadians now seeking the services of independent mortgage brokers to help them assess their mortgage options - in a $600 billion industry - the timing is perfect.
A jumbo mortgage loan is a loan taken for property that is high-priced.. In Colorado, as in most of the U.S., a jumbo mortgage loan is any mortgage that exceeds $417,000 - the limit set by Fannie Mae and Freddie Mac for conforming loans.
Mortgage brokers are blossoming in the current environment and are gaining an increasing share of the mortgage market. This is great news because you should consult with a mortgage professional when you're making one of the most important financial decisions of your life. But, keep in mind, that not all mortgage brokers have the same level of training and experience.
That's why it's such great news for Canadians that the mortgage industry now has national accreditation: the Accredited Mortgage Professional (AMP). When you meet with a mortgage broker with an AMP, you'll be assured that your business is in the hands of a professional.
The size of a jumbo mortgage loan means there is more to lose. The size, coupled with other factors, results in somewhat higher jumbo mortgage rates than those carried by conforming loans.
When a customer is willing to take on the risk, he/she is rewarded with a lower rate. If the lender is taking on the risk (that is, the customer is promised a particular rate... regardless of what happens in the future), the rate is higher. The longer the term, the higher the risk for the financial institution.
In truth, jumbo mortgage interest rates are only one thing to consider when shopping for a jumbo mortgage. There are additional fees and closing costs to be considered that could even out the difference in jumbo mortgage rates. Sometimes, the company with the jumbo mortgage rates is actually the cheapest, all things considered.
This kind of designation is especially valuable in an industry where provincial regulations vary - and so a variety of practice standards are in place. A single national proficiency standard brings mortgage brokers in line with other financial professionals.
A variable or adjustable-rate mortgage is best suited to people who have a flexible budget and can tolerate higher risk.
In order to qualify for the designation, mortgage professionals must have at least five years experience or successfully complete a recognized mortgage professional proficiency course, and take an ethics training course. They must also commit to a minimum 10 hours of continuing education each year, and agree to be governed by the professional code of the national CIMBL organization.
A jumbo mortgage loan is a loan taken for property that is high-priced.. In Colorado, as in most of the U.S., a jumbo mortgage loan is any mortgage that exceeds $417,000 - the limit set by Fannie Mae and Freddie Mac for conforming loans.
Mortgage brokers are blossoming in the current environment and are gaining an increasing share of the mortgage market. This is great news because you should consult with a mortgage professional when you're making one of the most important financial decisions of your life. But, keep in mind, that not all mortgage brokers have the same level of training and experience.
That's why it's such great news for Canadians that the mortgage industry now has national accreditation: the Accredited Mortgage Professional (AMP). When you meet with a mortgage broker with an AMP, you'll be assured that your business is in the hands of a professional.
The size of a jumbo mortgage loan means there is more to lose. The size, coupled with other factors, results in somewhat higher jumbo mortgage rates than those carried by conforming loans.
When a customer is willing to take on the risk, he/she is rewarded with a lower rate. If the lender is taking on the risk (that is, the customer is promised a particular rate... regardless of what happens in the future), the rate is higher. The longer the term, the higher the risk for the financial institution.
In truth, jumbo mortgage interest rates are only one thing to consider when shopping for a jumbo mortgage. There are additional fees and closing costs to be considered that could even out the difference in jumbo mortgage rates. Sometimes, the company with the jumbo mortgage rates is actually the cheapest, all things considered.
This kind of designation is especially valuable in an industry where provincial regulations vary - and so a variety of practice standards are in place. A single national proficiency standard brings mortgage brokers in line with other financial professionals.
A variable or adjustable-rate mortgage is best suited to people who have a flexible budget and can tolerate higher risk.
In order to qualify for the designation, mortgage professionals must have at least five years experience or successfully complete a recognized mortgage professional proficiency course, and take an ethics training course. They must also commit to a minimum 10 hours of continuing education each year, and agree to be governed by the professional code of the national CIMBL organization.
About the Author:
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posted by Debt Consolidation Loan at
5:19 AM
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