San Mateo and Santa Clara counties still need Jumbo Home Loans for most home buyers and refinancing of home loans.
What is the right approval for an attractive jumbo loan for both purchase home loans and refinancing? Jumbo Home Loans are creating a refinancing boom in the jumbo home loan market seems to be increasing in California. The share of jumbo mortgage refinance throughout the early part of 2014 dropped to its least expensive level in nearly a year. About 5.8% of refinance were jumbo home loans, below the previous 2 year peak of near to 9.0%.
The sudden drop in jumbo refinancing comes as the total requirement for refinanced mortgages has fallen in the middle of greater interest rate. Jumbo mortgages exceed $417,000 in a lot of markets, and are more than $625,500 in pricey markets like New York City and Silicon Valley in California
From Jan 2012 to January this year, jumbo refinance were more demanded, going from just under 4.0% of refinancing loans origination, to 8.8%, which is because of low-interest rates, improved jumbo-mortgage credit, and an increase in-house prices.
What about today?
Today we continues to see mostly Jumbo Home Loans mainly because of the average home prices in both counties of the mid-peninsula. To demonstrate, last week in Redwood City the average sale price of a home was $1,232,920 down from the high of the year in January of $1,409,286, Source: MLSListings.com.
With an average sale price at these levels it would mean in order to not have to purchase a Jumbo Home Loan from your lender, you would have to pay a down payment of between $607,920 to $784,286 respectively.
Got a cool $750,000 in your pocket?
Not many home buyers are carrying around 2/3 to 3/4 of a million dollars for a down payment. And, this doesn’t include closing costs and any improvements of furnishing you may want to make after you own the home.For more information please: Read more…
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Tags: 30 year fixed loan, jumbo, jumbo loan, loan