Jumbo Mortgage Source

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Jumbo Mortgage purchase and refinance questions

So you are considering a jumbo mortgage. Here are a few questions to ask your self before you take the plunge.

First question what makes you happy? Now you may say material possessions, or you could say my kids, family, or a favorite cause. It’s not that I’m trying to put a damper on your home in the right neighborhood, with the right neighbors, I’m just not a fan of lack of choice. I think you may feel that this house is what makes you. I think it is you that makes the house.

Second question is does this affect my ability to do? Because you have this great big house on the hill, do you loose your ability to take care of things you wanted to like your family. You may forget in the pleasure of the moment that this jumbo mortgage may strap you done. A Jumbo Mortgage may limit your ability to do the things you want like spending time how you want. A jumbo mortgage can require a significant amount of time. From work, you have to pay to for this significance, the maintenance is the second part of do as the bigger the jumbo mortgage the bigger the cost to maintain it. Yes, even if you live in a condo and someone else does it. You still get the bill. Can you spend the time and have the financial position with a jumbo mortgage to do what is most important spend your time experiencing what life has to offer by seeing the world.




Third question can you afford a 15 year mortgage or maybe a 10 or 5 year jumbo mortgage? I left this question for last because if you answer no then you need to stop and reevaluate. The 39 year jumbo is a prison sentence with hard time attached to it. If this is what you are doing  stop digging the whole. One said my house is an asset. Lets say you in the best market and you have had your 30 year jumbo mortgage  you probably just paid 3 times the original cost not including all the other stuff. So your 500,ooo house just cost you 1.5 million in financed as in the extra a good rule of thumb is to double it thats 3,000,000. Well, you worked hard for the bank for thirty years a lot of people made a lot of money and you my are the last to get paid.

Fourth question when you get your jumbo mortgage where are you in the chain of getting paid? Be honest it can be painful today but your future can be bright.

I hope these questions and ideas can help you make a responsible jumbo mortgage decision. One that leads to properity. One that leads to freedom. When working with your mortgage professional have them show you all the options remember they are there to sell you. My experience of training over 10,000 loan officers this past decade has they sell lowest payment most profit for the bank. Maybe you should be looking at the opposite on your next jumbo purchase.