Myths about jumbo loan in Texas
Jumbo loan is among one of the most sort after home loan, due to its lack of loan limit. Whenever therefore you qualify for a jumbo loan, you are assured of getting the loan amount that you have asked for your home, no matter how high it might be. However, you will need to have topnotch qualifications like superb credit score of 600 and above, pay a higher down payment and have a stable employment. This is because many people strive to qualify for the loan. However, there are some of the myths that are not true about jumbo loans, that many people of Texas believe. Below are some of these myths.
Jumbo loan has a higher waiting period for approval
One of the major myths that many people Best Mortgage Lenders in Dallas TX is that, for you to be approved to get the loan, then you must wait for a long time. However, nothing could be further from the truth. These days, the maximum amount of time that it can take your lender to approve your jumbo loan is three days. However, this time may change in case you do not submit all the documentation and the lender therefore asks for additional information. In order to even lessen the time of approval, you need to make sure that you provide all the information and documentation that you lender needs. These days there is a paperless technology and therefore, the waiting period for jumbo loan have been lessened.
Only your credit score matters when it comes to jumbo loan
Another lie that many people believe when it comes to jumbo loan, is that lenders of the jumbo loan only consider your credit score. Therefore, all you need to do is make sure that you have a high credit score and that’s it. However, that is not true, there are very many determinants of whether you are going to qualify for the jumbo loan or not. Although jumbo loan lenders look at credit score, they also look at your repayment of bills history and whether you have a stable source of income.
Jumbo loan has more paper work
Another myth that people in Texas believe regarding jumbo pay, is that it involves a lot of paperwork when applying. This is not however true, although Mortgage Lender Dallas tend to ask so many documentation, the process of applying for the loan is similar to other loans. You will therefore be required to provide the house appraisal document, your tax returns, your financial history and bank statements among others. These are more or the same documentation that you will be asked to provide when applying for other home loans basically.
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