Jumbo loans are reportedly making a comeback. This is great for the middle- to upper-income borrowers who have been unable to purchase some discounted dream homes because of the drying up of the jumbo market. Bankrate.com is reporting 30-year fixed jumbo loan rates for 5.5%, which is very surprising for an almost extinct loan program.
When it comes to borrowers, banks are still only accepting the cream of the crop as they try to minimize risk and keep only good loans on their books. This is a slow start to re energizing this loan program, but it is at least a start, and many loan officers across the country are rejoicing at the idea of the jumbo loan market being revived.
While I've never been an advocate of beating the dead horse, I did want to add another plug to my unofficial theme I've had for our readers over the last couple of weeks. Be the professional your clients expect. Explain the pros and cons of a jumbo loan and be equipped to explain all of your borrower's specific options. Knowledge is power.
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