Stepping Up to Your Dream Home: The Ins & Outs of Jumbo Loans

Liz Gibbs • Dec 08, 2023

In the journey toward homeownership, some dreams are bigger than others. If your aspirations lead you toward a luxurious home or a property in a high-cost area, a jumbo loan might be your gateway. Unlike standard loans, jumbo loans are designed to eye properties that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. At Eagle Mortgage, we specialize in navigating this unique path, ensuring your journey to luxury homeownership is as smooth and efficient as possible. Let's delve into the world of jumbo loans and how they can bring your grand home aspirations within reach.


Qualifying for Jumbo Loans


Jumbo loans come with their set of qualifications aimed at ensuring borrowers can comfortably manage the larger loan amounts:


  • Credit Score: A higher credit score is typically required, often around 700 or above.
  • Income and Assets: You'll need to provide proof of a solid and stable income and substantial assets to cover the down payment and reserves.
  • Down Payment: Expect to need at least 10-20% down, depending on the lender and the loan amount.
  • Debt-to-Income Ratio (DTI): A lower DTI ratio is preferred, indicating that you can manage your existing debt while taking on a larger mortgage.


Benefits of Choosing a Jumbo Loan


Opting for a jumbo loan to finance your dream home comes with its perks:


  • Access to Higher Loan Amounts: The most apparent benefit is the ability to borrow more than the conforming loan limits, essential for purchasing luxury properties.
  • Competitive Interest Rates: Despite the higher loan amounts, jumbo loans often come with competitive interest rates, sometimes even rivaling those of conventional loans.
  • Flexible Loan Terms: Lenders might offer more flexible terms for jumbo loans, including fixed-rate and adjustable-rate mortgage options to fit your financial planning.


Understanding the Risks


While jumbo loans open doors to luxury properties, they also come with considerations:


  • Higher Down Payments: The larger investment upfront can be a significant consideration.
  • Stricter Qualifications: The more rigorous qualifying criteria mean that not every buyer will be eligible.
  • Interest Rate Variances: Depending on market conditions, jumbo loans can have higher interest rates than conventional loans.


How Eagle Mortgage Can Help


Navigating the complexities of jumbo loans requires a knowledgeable and experienced partner. At Eagle Mortgage, we pride ourselves on our expertise in the luxury home market and our ability to tailor loan solutions to your unique needs. From understanding the ins and outs of qualifying for a jumbo loan to securing the best possible rates and terms, we're here to guide you every step of the way.


When it comes to purchasing a high-value property, the right financing makes all the difference. Jumbo loans offer a flexible and viable option for those looking to invest in a luxury home, providing the financial means to bring your grandest dreams to life. With Eagle Mortgage, you're not just applying for a loan; you're taking the first step toward securing your dream home. Let us help you navigate this journey with confidence and ease, ensuring your path to luxury homeownership is as rewarding as the destination itself.

Slow Cooker Pulled Pork

29 Apr, 2024
1 5-6 lb. bone-in pork shoulder roast 6 cloves garlic 4 tsp. kosher salt 1 tbsp. brown sugar 2 tsp. ground mustard 3 tsp. ground black pepper 1 large yellow onion, thinly sliced 8 sprigs of thyme 1 c. apple cider  TO SERVE: Dijon mustard 12 pretzel rolls, split and toasted Directions Trim the fat of the pork shoulder to about 1/4-inch thick. Cut 12 slits all over the pork. Slice each clove of garlic in half, lengthwise, and press 1 piece into each slit. Combine the salt, brown sugar, ground mustard, and black pepper in a small bowl. Rub all over the pork shoulder. Place fat cap side down in the insert of a slow cooker. Add the onions, thyme, and apple cider around the sides. Cover and cook on high for 6 hours, or low for 8 to 10 hours until pull-apart tender. Remove the sprigs of thyme. Using two forks, pull the pork into bite-sized pieces. Gently toss with the onions and juices in the slow cooker. Hold on warm for up to 4 hours while serving. To serve: Spread Dijon mustard on the insides of each pretzel roll. Top with pulled pork and onions. YIELDS: 6 - 8 serving(s) PREP TIME: 10 mins TOTAL TIME: 6 hrs 10 mins

Your Guide to Understanding Residential Properties

By Liz Gibbs • 18 Apr, 2024
Understanding Residential Real Estate Residential real estate encompasses property specifically zoned and utilized for living purposes, contrasting starkly with commercial or industrial real estate designated for business operations. When we talk about residential properties, this includes a variety of housing types such as single-family homes, townhouses, and condominiums. Each type offers different benefits, catering to diverse needs based on family size, budget, and lifestyle preferences. The Types of Residential Properties Available The spectrum of residential real estate is broad: Single-family homes are detached buildings typically found in suburban areas, ideal for families seeking privacy and space. Townhouses provide a unique blend of community and independence, with shared walls but separate ownerships. Condominiums offer a communal living style, often with shared amenities like pools, gyms, and social areas, making them perfect for those who prefer a low-maintenance lifestyle. Additionally, residential properties are not only about providing a roof over one’s head but also reflect a variety of architectural styles—from the simplistic charm of single-story ranch homes to the intricate designs of Victorian houses. Residential vs. Commercial Real Estate  Residential zones are designated for living and cannot house large-scale business operations, which are reserved for commercial real estate. Understanding this distinction is crucial, especially when planning where to invest or establish a home. The Role of a Real Estate Agent Embarking on a home buying journey? Consider partnering with a knowledgeable real estate agent. Agents familiar with your desired area can be instrumental in helping you find a home that fits your criteria. It’s wise to seek referrals and interview several agents to ensure a good fit for your real estate needs. Real Estate as an Economic Indicator Real estate significantly influences economic trends, evidenced by housing starts data which reveals insights into economic health and consumer confidence. For instance, shifts from single-family to multifamily housing starts might indicate a future shortage in single-family homes, potentially driving up prices. Investment Opportunities in Real Estate Investing in real estate can be a lucrative endeavor. Options range from purchasing homes to live in, acquiring rental properties, or engaging in house flipping. Each method serves different goals and risk levels, from stable income from rental properties to potentially high returns from selling flipped houses. Why Eagle Mortgage? At Eagle Mortgage, we understand the complexities of residential real estate. Whether you're a first-time homebuyer, a seasoned investor, or somewhere in between, we provide the insights and services necessary to navigate the real estate market effectively. Stay Connected For more insights and updates on navigating the real estate market, follow and like our social media accounts. We’re here to help you make informed decisions in your real estate journey. Eagle Mortgage is more than just a mortgage company—we are your partner in turning real estate opportunities into realities. Follow us on [Facebook, Instagram, Twitter] for the latest updates and expert advice. Join our community today!

Lemon Shrimp Orzo

By Liz Gibbs • 28 Mar, 2024
2 tablespoons olive oil 1 small onion 2 garlic cloves minces 3 1/2 cups reduced sodium chicken broth 1 pound uncooked whole wheat orzo pasta 1 cup water 4 cups arugula 3 tablespoons lemon juice 1 pound uncooked shrimp (31-40 per pound) peeled and deveined 1/2 teaspoon salt 1/4 teaspoon pepper 1/2 cup Greek olives, halved 1 1/2 cups crumbled feta cheese Fresh basil leaves Directions In a large skillet, heat oil over medium-high heat. Add onion; cook and stir until crisp-tender, 3-4 minutes. Add garlic; cook 1 minute longer. Stir in broth, orzo and water. Bring to a boil; reduce heat. Simmer, uncovered, until orzo is al dente, 8-10 minutes. Stir in shrimp, arugula, lemon juice, salt and pepper. Cook and stir until shrimp turn pink, 4-5 minutes. Stir in olives. Sprinkle with feta and fresh basil. Total Time Prep/Total Time: 30 min. Makes 8 servings Nutrition Facts 1 cup: 367 calories, 11g fat (3g saturated fat), 80mg cholesterol, 808mg sodium, 44g carbohydrate (1g sugars, 10g fiber), 22g protein.
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