By Karen Sheftell
Nov 16, 2012
Q: What should homebuyers know before taking on a jumbo mortgage?
A: A jumbo mortgage is anything over a conventional mortgage. When taking on one, homebuyers should make sure that their income can handle a jumbo mortgage as well as the guidelines of a jumbo mortgage. They should also know how much of their income-to-debt ratio they have to have. They should be sure to have a good, qualified mortgage officer.
Homebuyers have to get pre-qualified first from a mortgage officer before taking on one of these kinds of mortgages. A Realtor helps the homebuyer through this process. We help a homebuyer with everything to do with home buying and home selling. For instance, we find inspectors when they buy a house, and good mortgage officers we know will help to make sure they get the mortgage they want. We will help them through the entire process.
A Realtor is a necessity, because instead of floundering around we direct you on the right path to good people. It’s important to find people who know their business and are educated in the mortgage market. In Fairfield County, with the way prices are, jumbo mortgages are usually the way that we have to go.
— Karen Sheftell, William Pitt Sotheby’s International Realty, 203-940-4604