Why You Should Consider Getting Oakland Park Jumbo Loans
Studies show that when most people think of getting a jumbo loan they do not turn to mortgage lenders but instead go to their banks. It is with good reason though. Because there is an already existing relationship between you and your bank you may not see a need to go shopping for an Oakland Park jumbo loan.
You need to understand that there are some serious advantages to choosing a local mortgage lender than a bank when applying for a jumbo loan.
Here is why you should choose NHL Lending for Oakland Park jumbo loans.
Reduced Application Load
When you apply for a jumbo loan from your bank you will end up doing much more than you expected during the application process. Even though banks offer plenty of specialist services, no one can be a jack-of-all-trades. Do not be surprised to find out that their home specialist is not a mortgages specialist.
There are banks that expect you to do your own research and come to the bank ready to discuss terms. At NHL Lending we specialize in different kinds of mortgages. So, whether you want to discuss jumbo loans or any other kind of mortgage, you can be confident that we are conversant with the industry.
Since we specialize in home loans, you can be sure that we will offer far better value addition than any bank would.
Competitive Interest Rates
It is not uncommon to get a lower interest rate at NHL Lending than you would at your bank. Even though the difference might not be much at first glance, if you’re thinking of taking a long-term loan, a slightly lower interest rate can make the borrower huge savings over the lifetime of the loan. Get in touch with us to find out how our interest rates compare to your bank’s.
When you deal with a mortgage lender such as NHL Lending, you can expect to receive a more personal experience. Whenever you have a concern or question, you can always reach us via phone or come visit our offices. With larger banks, excessive bureaucracy characterizes even those that have a local branch and you will have a hard time locating the particular person that deals with your mortgage.
Both our loan processors and loan officers are at our onsite office and are ready to answer any inquiries you might have. This will result in an overall better experience for you, the borrower.
When you receive a jumbo loan from a bank, sometimes escrow is sometimes delayed for months. This is because the bank may not have much incentive to close the transaction fast. Here at NHL Lending, we have made it our mission to quickly close transactions and, get the borrower moved in as soon as possible.
Flexible Lending Criteria
Unlike with mortgage lenders, banks have very strict approval guidelines. If a borrower does not meet these criteria they will not qualify for the jumbo loan.
Even though jumbo loans generally have very strict guidelines for approval both at the banks and at other mortgage lenders, it is not surprising to hear that a borrower who was rejected at a bank can get their jumbo loan at NHL Lending.
This is because criteria and guidelines differ. For instance, some home loan lenders decide to keep mortgages on their books instead of selling them to Freddie Mac and Fannie Mae and so do not have to follow the strict guidelines that banks subscribe too. Even though the GSEs only purchase FHA loans and not jumbo loans, the takeaway here is that mortgage lenders tend to have more relaxed rules than banks.
For the best Oakland Park jumbo loans borrowing experience, you should deal with specialized mortgage lenders such as NHL Lenders. Banks mostly excel in banking but not offering the best services. Even though a local bank branch might offer a variety of mortgage options chances are that they might not offer specialized programs and flexibility that will make it easy for you to qualify for a loan or ease the burden of monthly payments for you.
Over the years jumbo loans restrictions that have eased. It is not uncommon to find a mortgage lender that offers lower interest rates on a jumbo loan than they do on a conventional loan.
This is because borrowers who apply for mortgage loans are deemed more likely to make consistent monthly payments. In other words, due to the low amount of risk involved you are likely to get a jumbo loan from a mortgage lender.
If you would like to learn more about jumbo loans as well as the criteria we use to deem a borrower eligible do get in touch.