If you're asking for a jumbo mortgage you need outstanding credit. A score as high as 720 is ideal. You should have a minimum DTI of 45%.
A healthy cash reserve is helpful for anyone seeking a mortgage, but it's not optional when you take out a jumbo loan. Lenders want to see you have at least a year of mortgage payments in the bank. That way, you have time to get back on your feet if a loss of employment or other adverse life event interrupts your income.
Plan on making a down payment, as well, of 10% to 20%.
Take an Interest in Interest
Pursuing either type of loan means you'll want to keep an eye on two things: the interest rate, and the structure of the loan.
First, it pays to shop around for a competitive interest rate. Different lenders will offer different rates. I can help you with this.
Second, you want to watch out for any ARM offers. Lenders still offer ARMs despite the high default rate, but they were a large contributing factor in kicking off the Great Recession. Most people can't absorb fluctuating house payments with any real ease. Look for a fixed interest rate mortgage that will protect you from the whims of market conditions.
Ready to get started?
I can help you find a great conventional or jumbo mortgage from a trustworthy lender. I'll help you find the lowest interest rates for your situation.
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