Orlando Jumbo Loans

apply-now-todayIf you live in Orlando, jumbo loans are probably something that you have probably heard of. With the average listing and median prices increasing every month, it will not be long until a regular home loan is not enough. But, you need to ask yourself, is a jumbo loan right for you? Here is a closer look at Orlando jumbo loans, their pros and cons and a look at whether they are right for you.

What are Orlando Jumbo Loans?

Orlando jumbo loans are larger than your regular home loans, ranging up to over half a million in pricier areas of Orlando. These jumbo loans give you the opportunity to purchase more expensive homes without much of a problem. However, as with any home loan, there are pros and cons.

Benefits of Orlando Jumbo Loans

The best biggest advantage of a jumbo loan is that you can purchase a more expensive home without much of a problem. Furthermore, since you will likely pay off the mortgage in 30 years or more, depending on your lender, the size of the mortgage payments may be smaller.

Drawback to Orlando Jumbo Mortgages

Possibly the biggest problem with Orlando jumbo loans is that you have to make a larger down payment. Unlike a regular home loan, you will find yourself making down payments of at least 15% on an Orlando jumbo loan.
When you acquire a jumbo loan, you will also acquire a higher interest rate. However, considering the duration of the home loan, most people do not mind.

Conclusion

If you have the required credit rating, your eyes set on the perfect dream and you can make, at least, a 15% down payment, then we encourage you to upsize your home loan. If you require more information on Orlando jumbo loans, contact the professionals at First Nationwide Lending on (877) 442-4023.

First Nationwide Lending offers a variety of mortgage programs, including, but not limited to: purchase mortgages, refinance loans, FHA loans, jumbo loans, HARP 2.0 mortgage, VA loans, USDA home loans, and reverse mortgages.

 

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1990 Main Street, Suite 750
Sarasota, FL 34236
Phone: (941) 256-3729
Toll Free: (877) 442-4023

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