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Jumbo Home Loans Minnesota

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

Acme Mortgage Corp
(763) 566-1669
5701 Shingle Creek Pkwy
Minneapolis, MN
Wells Fargo Home Mortgage - Bloomington
(612) 316-2952
7900 Xerxes Ave. S.
Bloomington, MN
MFG Mortgage Services
(612) 766-9000
901 Marquette Ave. S., Ste. 2680
Minneapolis, MN
Wells Fargo Home Mortgage - Minneapolis
(612) 752-5761
733 Marquette Ave., Ste. 203
Minneapolis, MN
Advisors Mortgage
952-484-8875
2121 Cliff Drive
Eagan, MN
1st Metropolitan Mortgage
651-770-2033
2399 Ariel St N
St. Paul, MN
M&I Bank
612-798-3339
6625 Lyndale Av. S.
Minneapolis, MN
Kraus-Anderson Mortgage Company
(612) 332-7281
523 South Eighth St.
Minneapolis, MN
Advisor Mortgage Services LLC
(612) 378-7016
43 Main St SE
Minneapolis, MN
Amcap Mortgage & Financial Inc
651-747-1420
6993 35th St N
St. Paul, MN

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.

    ...

Click here to read the rest of the article at HowToDoThings.com

Author: Brad Halvorsen

Featured Local Company

Acme Mortgage Corp

(763) 566-1669
5701 Shingle Creek Pkwy
Minneapolis, MN
Read more about Jumbo Home Loans

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