Jumbo Home Loans

Illinois Jumbo Home LoansIf you’re looking to find a home that you know you’ll want to live in for a long time to come, but haven’t saved up enough money for a sizable down payment yet, a jumbo mortgage might be the right choice for you. Jumbo home loans are loans that are larger than the conforming limit of $417,000, meaning that they’re ineligible for purchase by Fannie Mae or Freddie Mac. Although most of the time jumbo loans are just as flexible as conforming loans, they must be sold on the secondary market and their rates are slightly higher than home loans with similar terms.
But their higher rates don’t make jumbo home loans inaccessible to first-time homebuyers—especially not those with long-term career plans. If you’ve just started a new career and you know your income will increase over time, a jumbo loan can be an effective, affordable way of purchasing your “forever” home early in the game. This way, you and your family can skip your “starter” home and avoid unnecessary, stressful moves down the road.

Every family should weigh the risks and benefits of selecting a jumbo loan before committing to one. Not only are interest rates (and of course monthly payments) higher with a jumbo loan, refinancing might also be more costly due to high closing costs. However, jumbo loans have their advantages if you’re in a position to make your monthly payments on time. Paying off a jumbo loan over will help you build your credit more quickly than if you were paying off a conforming mortgage.

More about Jumbo Home Loans

Just like conforming loans, jumbo home loans can either be fixed-rate or adjustable-rate. Your financial history, current income, assets, and the neighborhood you’re looking to move into can all affect which kind of mortgage is best for you. United Home Loans agents can help you decide whether a jumbo mortgage is appropriate for your individual homebuying situation and, if so, what kind of jumbo loan would be best for you.

A jumbo loan can be an affordable way to move into the home of your dreams without multiple costly moves. If you don’t want to wait to settle into the perfect neighborhood for your family, it may be worthwhile to consider a jumbo mortgage as a long-term homeowner’s strategy. Our financial planning tools can help you decide what kind of mortgage is best for your unique case. Talk to a trusted agent at United Home Loans about whether a jumbo loan is right for you and your family. If you’re looking for a jumbo home loan in Illinois, United Home Loans is a leading jumbo mortgage lender in the following communities:
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