Mortgage Rate sheet
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Foreign National Lenders in Miami - Mortgage Broker - Residential Loans
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Miami Jumbo Loans: What You Need To Know
When it comes to home loans for foreign nationals in Miami, your mortgage broker may introduce the idea of a jumbo loan for your purchase. Understanding how these particular loans work and their benefits may be extremely helpful for foreign nationals looking for a competent lender in the Miami area.
Essentially, jumbo mortgages are loans in an amount that exceeds conventional loan standards set by the two government mortgage enterprises, Fannie Mae (FNMA) and Freddie Mac (FHLMC). With lower, “conforming loan” amounts, the loan itself is guaranteed by these two agencies. With a higher or “jumbo” amount, the loan exceeds the amount FNMA or FHLMC will cover. For that reason, the interest rates for these loans tends to be higher, as the risk to the mortgage lender is greater.
Luxury properties are frequently acquired through these jumbo loans. As the marketplace for these unique real estate investments operates somewhat differently than the one for lower priced, conventional homes, mortgage lenders will frequently order two appraisals to determine the property’s real value.
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