Jumbo Loan Mortgage Rates & Requirements  in Denver

Jumbo Loan Mortgage Rates & Requirements in Denver

As one of the country's most attractive destinations for transplants, Colorado's population is growing, and the cost of real estate is growing with it. Families looking for larger homes often find that a conventional loan will not cover the total value of the property. If you have your eyes on a high-valued property, you may qualify for a jumbo loan.

How do you know if you need a jumbo mortgage loan rather than another kind of loan offered in Denver by US Mortgages? How are jumbo loan rates defined and what is it for? What are the requirements for a jumbo loan in Denver? How can you get started on applying for your own jumbo loan? Find the answer to these questions below.

What is a jumbo loan and who qualifies?

Jumbo home loans, as the name implies, are larger sized home loans. In high cost areas of the US, this limit is $625,500. People who qualify for jumbo home loans in Denver have strong credit scores. Jumbo loans do not require private mortgage insurance, which in the case of high-valued property, can add thousands of dollars to the total cost of purchasing your home. As an alternative, borrowers of jumbo loans often make large down payments, totaling 20% of the home's value or more.

The monthly mortgage to qualify must be no more than 38% of the income of the borrower before taxes as well. In addition to what's listed, there are other conditions which must be met for jumbo home loan rates to be offered in Denver.

How can I get started on applying for a jumbo loan?

Ready to take the next step? You can jump in right away by filling out our short application or long application in our My Loan Status portal right now! Have a few questions first? Provide our Denver office with your contact information and we'll be in touch as soon as possible. Want to make the first move? Give us a call and we'll be immediately available with guidance on if a jumbo home loan is available and will benefit your family's financial situation. We want all our Denver client to be on the right path to home ownership and we work with you to meet your specific needs.

Pre-Qualify In Minutes, With No Impact To Your Credit Score

With just some basic information, you are on your way to your new Home. In most cases, our agents will call you in a few minutes to get things started. In some rare events it could be up to 24 hours. We always try to call between 8am and 5pm MST, so we don’t disturb you after hours. If you would prefer we did call outside those ours, please just add in a note and we will be happy to oblige.

Why should I get pre approved for my home loan or refinancing?

Home loan pre approval in Denver simplifies the loan process. Preapproval allows a lender to see a full 360 degree view of the borrower's financial situation, enabling us to advise borrowers on all home loan considerations. This helps us identify which loan we offer is the best fit for the borrower. Prequalification allows borrowers to pursue the loan that's best for them and their financial situation.

How can I get ready for home loan prequalification in Denver?

Excellent question! A great place to start is by understanding what lenders look at. For the most part, lenders look at 4 things. The first is your FICO credit score which includes your payment history, credit utilization and the length of your credit history. The second is your income with respect to your monthly housing costs. The third is the number of current loans you have and their status. The fourth and final thing lenders consider is the percentage of the cost of the home you're looking to purchase that you can put as a down payment. Get ready for prequalification by understanding your status in these areas and identifying what you can do to improve them before buying a home.

About US Mortgages

US Mortgages has been securing mortgage pre approval in Denver for over 20 years. Let us know how to reach out to you, or give us a call today.

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Pre-qualification means one of our mortgage specialists will contact you. This does not represent an offer to enter into a loan agreement. Loans subject to credit and property approval. Normal credit qualifications and other terms and conditions apply. Not all loan products or terms are available in all states.