Luxury Homes financing takes detail consciousness. Any home carrying a price tag of $1 million or more generally falls into the ‘luxury property’ category. To finance it, a luxury loan is called for. Since financing luxury homes in CentennialCherry Hills VillageGreenwood VillageParkercan be more challenging than financing run-of-the-mill properties, many prospective home owners at the luxury level seek the services of a specialist lender. MarketWatch has found that the average price of luxury properties in some major US cities is well over the million dollar threshold – making care in preparing jumbo loan applications more important than ever.
Whether or not you choose to ask your REALTOR® to help you find a mortgage broker well-versed at your price point, the same guiding principles need to be followed:
As with any credit application, you need to ensure that yours is squeaky clean. Don’t short-change any detail (even those that seem unimportant or redundant). Prepare in advance by checking your credit record with all three major bureaus to ensure there are no damaging inaccuracies. Curing them can take time, so starting early pays off.
The larger your deposit, the greater the odds of approval when financing luxury homes in. It stands to reason. The more you can contribute above the standard deposit rate, the clearer your message: this loan will constitute less risk.
Shop Around for Good Rates
The constrained market for jumbo loan resale is one of the reasons rates are somewhat higher than those more commonly available, so keeping a shopper’s mentality is a good idea. When financing luxury Denver Metro Area homes, keeping the rate as low as possible is only prudent. Aim to obtain good faith estimates from a few lenders to find see who is currently offering the best deal.
With luxury home prices on the rise in many areas, if you’re considering buying or selling one this season, it’s worth remembering that financing luxury homes can be the most challenging part of the process. I furnish top-notch referrals when needed. I’m here not only to help you find the home of your dreams -- but also to help make it yours.
Jason Peck is part of the Carr Peck & Associates at Keller Williams. He has been recognized locally and nationally as in expert in real estate. Locally he is 6th in Denver Metro home sales out of 5,000 agents and has been recognized by the Wall Street Journal and Real Trends as one of the top selling agents in the country. He is co-author of the National Best Selling Book, “The New Rise in Real Estate”. For more information feel free to contact him or call 720-446-6301.
Author:Jason Peck Phone: 720-446-6301 Dated: April 13th 2013 Views: 758 About Jason: ...
Recognized as a top selling team in Denver Metro area. Nationally recognized for homes sold by the Wall Street Journal, Real Trends and Top 5 agent by RIS Media. Our goal is simple and that is to exceed our client's expectations by providing professional service, expert advice and exceptional results.
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