Kloze Can Provide You Jumbo Loans Fort Lauderdale
In the marketplace, for jumbo loans, Fort Lauderdale was no exception to the nationwide changes that followed the global financial crisis of 2007–08. Lax lending practices in the years before had allowed borrowers to take out jumbo loans with small down payments and no income verification. This occurred in part as lenders engaged in fierce competition for clients, with the lowest bidder typically emerging the winner. The spate of jumbo loans meant more and more buyers were approved for large home purchases, and home prices in some areas skyrocketed as demand continued to increase. Of course, prices eventually and catastrophically came crashing down as borrowers became unable to repay the loans.
Today, the market has shifted again, with stricter underwriting and a return to down payment requirements of 20 percent, in most cases. At the same time, it can be difficult to find a lender other than the largest brand-name banks to service a jumbo loan. That means customers are choosing to sacrifice personal service and accessibility for the company that handles an investment that typically exceeds a half million dollars. At Kloze, we service jumbo loans while maintaining the quality of service you demand from a lender. It’s what you should demand from every lender but can only get from Kloze.
An Overview of Jumbo Loans in Fort Lauderdale, FL
Jumbo loans are large mortgage loans that exceed the conforming limit. The conforming limit is the maximum loan amount Fannie Mae or Freddie Mac will purchase. The conforming limit varies by geographic location, with the standard of $424,100 in most housing markets, including Broward County. In higher-priced areas, such as Los Angeles, the limit can exceed $700,000.
The increased scrutiny of jumbo loan lending practices means that applicants should be prepared to provide the aforementioned 20 percent down payment in order to get jumbo loan approval. If the jumbo loan is being used to refinance an existing home, equity typically must also equal 20 percent of the mortgage amount. In addition to income documentation, the monthly mortgage payment likely cannot exceed 38 percent of your pre-tax income. Most lenders also offer jumbo mortgages on adjustable-rate rather than fixed-rate interest rates. While interest rates remain favorable, they will eventually rise in order to keep pace with interest payments to bank depositors. Even if this is your first loan this large, the team here at Kloze can provide information regarding jumbo loans for beginners and all other levels of knowledge.
Jumbo Mortgage Loans In Fort Lauderdale, FL
Of course, at Kloze, we provide more than just jumbo loans. We are a full-service lender with a single goal: to make your home ownership dreams a reality. We do this by maintaining a complete roster of mortgage products. This includes conventional fixed-rate and adjustable-rate mortgage loans, as well as a number of specialty products, jumbo loans included. Having a full view of the mortgage landscape means we are able to consider all options for your mortgage and give you authoritative advice on how to best proceed with your loan. We skip the gimmicks and jargon in favor of clear, straightforward information that helps you make the right decision.
We are also a Federal Housing Administration loan provider, which helps thousands of low- and moderate-income Americans each year by giving them access to credit and reducing the short-term cash demands associated with down payments and closing costs. Our Veterans Affairs loans, backed by the federal government, extend favorable interest rates to service men and women, and also reduce upfront costs.
Getting Your Jumbo Mortgage Loan With a Lender That Cares
All of these loan products are handled by the exceptional staff at Kloze. We pride ourselves on how passionate we are about our work and the ability it has to change lives. We strive to make home ownership a reality for every American who seeks it. Whether or not they’re in the market for jumbo mortgage loans in Fort Lauderdale residents can rely on Kloze for the professional knowledge they need and dedicated service they demand.