Home ownership is a dream come true for most people. Home is where we build our memories, our families, and our friendships. In this portion of Designing Spaces, mortgage experts and a new home owner explains the concept of “jumbo mortgages,” and give their personal experiences of obtaining one to make a “move up.” For higher-priced homes, you may require a jumbo mortgage, which is simply a mortgage that exceeds $417,000 in most parts of the country, or $625,000 in certain high-cost markets.
While some first-time home buyers may be interested in a jumbo mortgage, often buyers are purchasing a “move up” home. A jumbo mortgage can help buyers purchase a home that fulfills their needs, wants and dreams. A SureStart Pre-Approval from Citibank is no cost, for it will let you know how much you are conditionally approved to borrow. This will make your home search easier, because you will know your price range. It’s the first step towards creating the ultimate home.