Find Out if a Jumbo Loan is Right For You

Find Out if a Jumbo Loan is Right For You

When it comes to buying a home, every buyer is looking for a home with different qualities, amenities and a unique price tag.

If you’re looking to buy a home in Raleigh, NC with a higher price tag, you may be interested in getting a jumbo loan. Jumbo loans are required for mortgages that exceed $417,000 for a single-family home and $801,950 for a multi-unit property in the United States, excluding Hawaii and Alaska. Because these properties exceed the conforming loan limits set by the federal government, purchasing in this market may require a jumbo loan to cover the higher price of the home.

How Do I Qualify for a Jumbo Loan in Raleigh?

If you’re considering a jumbo loan on your home in Raleigh, NC, Integrated Funding can help by presenting you with the current jumbo loan rates in your area and the specific loan qualifications that apply to your situation.

To qualify for a jumbo mortgage loan, you’ll typically need:

  • A lower debt-to-income ratio
  • A higher credit score
  • A larger down payment
  • Higher reserves (or emergency funds)

Lower Interest Rates with a Jumbo ARM

Looking at a jumbo loan for your home mortgage in Raleigh or the surrounding areas? If so, you may want to consider getting an adjustable-rate mortgage (ARM) to lower your mortgage interest rates.

The majority of borrowers with a jumbo loan choose to do an adjustable-rate –– as opposed to a fixed-rate –– mortgage because it has lower interest rates. With an ARM, the interest rate is fixed for the introductory period, which is usually 3, 5, 7 or 10 years, but then adjusts to leave lenders with lower monthly payments for the duration of their mortgage.

Raleigh Mortgage Experts at Integrated Funding

At Integrated Funding, we have a staff of mortgage and home-buying experts who are ready to help make your dream of buying a home a reality. If you’re interested in getting a jumbo loan or adjustable-rate mortgage on your new home in Raleigh, contact us online to make an appointment with one of our mortgage advisors.

For an expertise in all things related to home buying in North Hills in Raleigh, NC and nearby in Cary, Apex and Wake Forest, turn to our financial advisors at Integrated Funding. We are also proud to provide mortgage solutions to clients in Charlotte, Wilmington and throughout North Carolina.