Durham Mortgage Broker Jumbo Rates for Chapel Hill

Jumbo Mortgage

http://youtu.be/_5QWHQCrqFA

My name is Dr. Jim Hilkey. I am a long-time resident of Chapel Hill. We moved to Chapel Hill in 1975. Employed as a forensic clinical psychologist here in Chapel Hill. We just finished refinancing with Jim Enright,  with Corporate Investors Mortgage.

This is the fourth time that we have refinanced in the last year and I don’t know how many times we refinanced and looked into jumbo mortgages for Chapel Hill, NC 27517.

The last time I told Jim this would be the last time I would be seeing him and here we are back again in one year.

Jim Enright has helped us save a ton of money over the course of a long-term relationship.  Been very pleased with his services and I would highly recommend him for your refinance needs.

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Update May 23, 2013 Raleigh, NC 27614- Who Were the Biggest Mortgage Lenders Q1 2013?

According to the Mortgage Market Index from Loansifter and Mortgage Daily, the Q1, 2013 Top 5 Mortgage Lender rankings were  as follows…

#1 – Wells Fargo Home Mortgage

Jumbo Mortgage

One Phone Call to Jim Enright reaches 3 of the top 5 national mortgage lenders.

#2 – Chase Home Mortgage and Chase  Mortgage Refinance

#3 – Quicken Home Mortgage

#4 – Bank of America

#5 – US Bank

The good news for my clients and those of Corporate Investors Mortgage Group, Inc.,is that we offer the rates of 3 of the top 5 Q1, 2013 lenders.

And, not only these top national lenders, but many other top regional and national banks.

The exact number is highly classified information available only to a small group of “must know” people.

Kind of like the formula to Coca-Cola.

What’s that mean to a borrower?

Your One Call Reaches MANY lenders.

Contact Jim Here.

Mortgage Calculator for Jumbo Mortgages with taxes, insurance,private mortgage insurance, and Home OwnerDues, for Raleigh, Durham, Chapel Hill, NC.

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By Jim Enright, May 9, 2013. Zip Codes 27614, 27518, 27712, 27517,

A Fast Overview of Jumbo Mortgages and Super Jumbo Mortgages-down payment, credit scores, loan limits, appraisals, and what you can expect.

The loan size is over $417,001.00 and up to $3 million
for most lenders. Super Jumbo Mortgages above
$3 million are available, though you’ll have to search
a bit more for those specialty super jumbo lenders.

Jumbo lenders and super jumbo lenders will
have their own set of underwriting requirements and unique
“overlays.” Overlays are the nuances of what jumbo loan
lenders will accept or reject. You can be sure these differ
from jumbo lender to super jumbo lender.

Your credit score and type of property will determine
your down payment and rate on jumbo mortgages.

Minimum Down Payment or Home Equity
Most jumbo lenders and super jumbo lenders require
a minimum of 20% down.

There are a some banks and physician loan programs that
allow for 10% down, or zero down. You will pay for
that in higher fees or interest rate.

Jumbo Mortgage Credit Scores

The lowest allowable score I have seen is a
680 middle score. To clarify, this is the lowest
middle score of all borrowers. A 680 credit score will
require a higher down payment or lower loan to value
if you are refinancing.

A middle credit score of 700 is the beginning point
for many jumbo lenders, though a few have their
lowest allowable credit score beginning at 720.

Those jumbo loan lenders that require the highest
credit score will frequently have the best pricing
and jumbo mortgage rates.

Jumbo Loan Size Limits may have both minimum credit score
requirements and reduced loan to value. That is, they
require a larger down payment.

Up to $650,000.
Up to $1,000,000.
Up to $1,500,000.
Up to $2,000,000.
Up to $3,000,000.

A word about appraisals.

Most jumbo lenders require the use of a third-party
appraisal company that your loan officer has
no contact nor influence with. The appraisers could come
from any location.

Larger jumbo and super jumbo loans, ($1000,000.00+)
may require two appraisals, and may also require a desk
review appraisal if there are still questions about the
property valuation.

You should anticipate that jumbo loan lenders underwrite
the appraisal more intensely than the borrower credit file.
By this, I mean comparable sales, distance, recency
of sales, bedrooms, etc.

A word about underwriting the “credit file,” which
is YOU – expect to be asked for additional information,
documentations, and explanations for anything the
underwriter has questions about. At times it may
seem silly, and beyond common sense, so smile if you
can and supply the requested documents as quick as
possible.

Patience is the word in jumbo mortgage loans.

Here a mortgage calculator for jumbo loans. Check the
Purchase tab and you can compare 4 loans at a time:

Questions? Contact Jim Enright here.

 

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