Dallas Jumbo Loans
A Dallas Jumbo loan is any mortgage loan that has an amount over $417,000. In most cases, people think they are in a bad position because Dallas Jumbo Loans typically come with a higher interest rate than your normal conventional loan. The rates are usually higher because they are a premium loan and are rated higher risk to the lender/ investor. Some lenders don’t even attempt to reach this clientele because their rates are nowhere near competitive. Also, the underwriting guidelines are so strict that it keeps a lot of lenders away from underwriting them in-house and they are scared they may have to buy the Dallas Jumbo Loans back.
A buyback on a Dallas Jumbo loan would cost the lender at least 417K on the books. If they normally don’t service loans this could be very expensive for that lender as it would cut into operating capital. When the investor underwrites the loan it’s typically on them if any mistakes should happen.
Dallas Jumbo Loans Rates
As I stated before, Dallas Jumbo Loans Rates are typically higher, but that spread is coming way down. Just earlier this year Rates were at the same level as Conventional Interest Rates. You heard that correctly. Dallas Jumbo Rates were in the 3’s for a 30 year fixed with no points. It is absolutely amazing for people with Jumbo loans to actually have a chance to get a lower rate and have it fixed. Most people out there looking to refinance Dallas Jumbo Loans are currently on an ARM (Adjustable Rate Mortgage). I’m not going to be one that says ARMS are bad because they are not for someone who knows their financial situation and who is responsible. That can be a great loan and get you an awesome rate for the time it’s fixed. Heck, it may not even go up in the future. Kind of just depends on where the market it. That’s a different story for a different topic, though. Arms Vs. Fixed… Dallas Jumbo Loans Rates are literally at an all time low, and if you are in the market for a loan, the time is now for you to make a move. The purchase market is HOT in Dallas so you better strike fast. If you’re looking to refinance your Dallas Jumbo Loan. You definitely need to act fast. As the workload for lenders increase the longer it takes to get your loan closed. That affects you because you may need to lock your Dallas Jumbo Loan for longer than the usual 30 days.
Dallas Jumbo Loans Pricing
When you hear lenders say that rates have gone up, that only means that the pricing has changed. Basically, the pricing is really how much it’s going to cost get you the rate you desire. Rates are still the same, they are just going to cost more. This is where the term “Points” come into play. I understand that the general public has been hypnotized into thinking you should not pay any points, and that’s okay… BUT. It really all depends on where you want to be. In some cases, it could make sense to pay a point on your Dallas Jumbo Loans to get the desired rate and payment that you want. On Dallas Jumbo Loans, it “could” work out better for you in the long run. That point cold end of saving you thousands of dollars. The calculation would just need to be made to determine if that’s going to be in your best interest. If paying a point drops your payment enough to make sense, then why not. Some people get it and Some people don’t. It’s my hub to give you the options and numbers and let you decide how to structure your Dallas Jumbo Loans. I’ll never force a loan on anyone, but you’ll definitely have the right information. [embedyt]https://www.youtube.com/watch?v=_xWk41JXKgs[/embedyt]
Dallas Jumbo Loans Internet Rates
The internet is a powerful tool. Until it comes to mortgages. Unfortunately, there are a lot of people out there doing mortgage loans that have no business doing them. A lot of companies rely on websites like LendingTree.com to generate their leads for their Dallas Jumbo Loans. That’s great and all, but here is what happens to you the consumer. Your phone is going to ring quite a bit for the next week or so. What makes that bad is when you do talk to the loan officers that will be calling you, you kind of don’t know what you’re going to get. Lendingtree is a great option for Dallas Jumbo Loans but is it the best… I don’t think it is. You could run into one of the many bad loan officers out there that just tells what they want you to hear and it’s not accurate, or you could end up letting all the phone calls and confusion scare you away. The best option is to flat out call a local lender and see what they can offer you. The payment calculators can get you in the hot water as well. If you need a payment calculator Download My Mortgage App For Your Phone Right Here. Doing things this way, you’ll only get one call in regards to your Dallas Jumbo Loan and it’ll be from me. Not my assistant or anyone else. The call will come directly from me. I’ll be able to answer any questions in regards to Your Dallas Jumbo Loans that you need. Check out this link on what you can expect on a Dallas Jumbo Loans Purchase And Refinance Process.