Mortgages & Jumbo Loans
If you are considering buying a home in the Barrington area and need to borrow $417,001 or more then you'll need to apply for a Jumbo Loan. Although this amount does vary from state to state, currently in Illinois any mortgage loan above $417,000 is a Jumbo Loan. Given the price of some of our real estate this amount may not seem high.
Jumbo Loans typically attract a higher interest rate and tougher qualification rules. Before we start looking at homes, if you think you'll need a Jumbo Loan, I highly recommend you talk with a Barrington loan officer to see if you are comfortable with the rate you'll be offered and the monthly payments.
Here are todays mortgage interest rates but these do not include Jumbo Loans which you should expect to be higher.
Who can you approach to apply for a mortgage. I always consider your interests are better served by dealing either with some-one you know or some-one recommended to you. You can approach your bank, a loan officer you know or ask me for a list of local loan officers.
Local loan officers have the advantage of being here, where you are buying your home, and can usually deal with issues quicker because they are in town. Local loan brokers usually work in a similar way to Realtors, working beyond office hours and on weekends and can be reached by cell phone quickly. Let me know if I can help you locate a good local loan officer whether you need a Jumbo loan or less.
Ready to begin your home search? Start saving your favorite properties in your Property Organizer Today!
Corinne Guest | Managing Broker | Royal Advocate Realty | Barrington, IL, 60010