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A Jumbo loans is the most common way to finance a luxury home but there have been some rumors that they are going away.
A Jumbo Loan is a mortgage with a loan amount above the industry-standard definition of conventional conforming loan limits. Conventional conforming loans are loans that meet Fannie Mae and Freddie Mac standards. Jumbo loans are different because they are not traded on the secondary market through Fannie Mae and Freddie Mac so banks who offer jumbo loans often times warehouse them. The national limit for conforming loans is $417,000.
Jumbo loans are a higher risk for lenders. So, typically jumbo loans are offered at higher interest rate then conventional loans. They typically have higher qualifying standards; often two appraisals are done. You should also be prepared for a slightly higher down payment.
The Weiner Real Estate Group’s Mortgage partner Sean Hadley from Heritage Mortgage Services says that Jumbo loans are not going away despite the rumors. He says that if you are in the market for a jumbo loan he can help you get the best rates.
If you are interested in buying a Luxury Cleveland Home and would like some more information please contact Erin Oakley at 216-410-8221 or by email at info@NoPlaceLikeCleveland.com
Greater Cleveland Luxury home sales are never going to be the same. Introducing The Keller Williams Luxury Home Division of Greater Cleveland.
Recently, The Weiner Real Estate Group, along with 15 other agents at The Keller Williams Greater Cleveland office created a new concept in Cleveland Luxury Home sales. Instead of relying on a specific agent, we have created a Brain-Trust of Specialists to optimize the sellers success in today’s market!
This Group is not the same old “team” many agents are moving to. The members of Keller Williams Greater Cleveland Luxury Home Division are still individual agents working their own businesses. However, as a brain-trust, we meet weekly to discuss the luxury home market and get insight and feedback from each other.
Some of the things we do together include:
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Tour all the Greater Cleveland luxury homes so we are experts in inventory and pricing.
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When a group member lists a luxury home the other members in the group tell all of their qualified clients about the listing.
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Attend monthly meetings to keep fresh on all the luxury home market news.
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Discuss sucessful stratagies for selling luxury homes.
Homes in the upscale market are often bought and sold by word of mouth. If you hire just one agent, they may know a lot of qualified people, but they can’t possibly know as many qualified buyers as 15 realtors combined do.
For more information on how the Luxury home group sells homes, or to find out how you can sell your Greater Cleveland Luxury Homes please contact Erin Oakley at 216-410-8221 or by email at info@NoPlaceLikeCleveland.com
