Jumbo Home Loans Colorado Springs CO

Are you in need of money and are considering a jumbo loan? If so, read the following article for some important information regarding the loans.

Local Companies

1st Metropolitan Mortgage
(719) 387-7517
825 E Citadel St
Colorado Springs, CO
Transport/The Schuck Corporation
(303) 226-7847
2 N Cascade Avenue, Suite 1280
Colorado Springs, CO
Vision Home Loans
(719) 532-9500
6208 Lehman Dr
Colorado Springs, CO
Keybank
(719) 471-1300
1521 S 8th St
Colorado Springs, CO
Air Academy Federal Credit Union
(719) 593-8600
1355 Kelly Johnson Blvd
Colorado Springs, CO
Ace Cash Express
(719) 574-1819
893 N Academy Blvd
Colorado Springs, CO
Ace Cash Express
(719) 574-1819
893 N Academy Blvd
Colorado Springs, CO
Check 'n Go
(719) 574-6370
3952 N Academy Blvd Ste E
Colorado Springs, CO
Ace Cash Express
(719) 226-2698
829 Cheyenne Meadows Rd
Colorado Springs, CO
Ace Cash Advance
(719) 634-2407
630 N 19th St
Colorado Springs, CO

A jumbo loan is a home loan that is greater than the loan limit set by the Federal National Mortgage Association (also known as Fannie Mae) and the Federal Home Loan Mortgage Company (also known as Freddie Mac). Currently, the maximum value of a standard loan is $417,000 for a single home property; $533,850 for a two dwelling property; $645,300 for a three dwelling property; and $801,950 for a four unit property. Any single loan amount that exceeds those values will bump your loan into jumbo loan territory. Loans within the limits are referred to as conforming loans.

Because jumbo loans are not supported by the two listed Federal Mortgage agencies, they usually carry a higher interest rate. Other than the higher interest rate, jumbo loans are identical to a traditional, conforming loan. You can usually obtain a jumbo loan through the same channels as a conforming loan as well.

  1. Visit a local bank or credit union. Go into your local branch and ask to speak with a loan specialist. Explain the loan that you need and the loan specialist will walk you through the application process.

  2. Contact your financial institution of choice by phone. Place a call to your business of choice and ask to speak with a loan officer. Many financial institutions will begin the loan process over the phone and either send you the paperwork by mail or have you come into a local office to sign the documents.

  3. Apply to a specific institution through the Internet. In the interest of reaching more customers and increasing their efficiency, nearly all major financial institutions will now take your application online. Visit the site of your financial institution of choice and follow the instructions to apply for a loan.

    ...

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Author: Brad Halvorsen

Featured Local Company

1st Metropolitan Mortgage

(719) 387-7517
825 E Citadel St
Colorado Springs, CO

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