Purchasing a home with a jumbo loan is not too different from buying one with a conventional loan. But the qualification process is more rigorous, and it is common for jumbo loans to cost more than conforming loans. For that reason, it is extra important to choose the right mortgage company to work with. Here are a few tips to help.
6 Tips for Choosing a Mortgage Company for a Jumbo Loan
- Choose a mortgage company that can connect you with competitive rates. With a jumbo mortgage, it is especially vital to find rates you can afford. For that reason, you should pick a mortgage company in Virginia that works hard to bring you competitive rates.
- Work with a company that minimizes closing costs and fees. It isn’t just rates that can sometimes be higher with jumbo loans, but also closing costs and fees. But with the right mortgage company on your side, these costs can be reasonable. First Residential Mortgage is a small, independent mortgage company rather than a big box lender. That means that our overhead is lower than what nationwide big box lenders need to operate. Since it is less expensive for us to do business, we are able to keep our fees affordable.
- Pick a company that makes jumbo loans flexible and accessible. Different mortgage companies may have different down payment requirements for jumbo loans. Choose a company that will be able to work with you according to your needs in this area.
- The right jumbo mortgage company will help you close quickly. When you have your eye on a beautiful property you need a jumbo loan to purchase, you need the application process for your non-conforming mortgage to go as quickly and smoothly as possible so you can close fast. As a small mortgage company with extensive experience with jumbo loans in VA, First Residential Mortgage can move you quickly through the steps to apply for the financing you need to buy your dream home.
- Choose a mortgage company that offers excellent customer service. Finally, fast, responsive updates on the mortgage you are applying for will be a big help in closing fast and reassuring you that everything is on track. Make sure the mortgage company you choose will communicate with you in a timely, thorough and friendly manner.
Buy a Home with a Jumbo Loan in Virginia
Now you know what to consider when you are choosing a jumbo mortgage company. First Residential Mortgage has helped many borrowers to purchase their dream homes with non-conforming loans. Let us help you buy a home with a jumbo loan in Blacksburg or anywhere in VA. Please give us a call at (540) 838-5868 to schedule your consult.