Great news for luxury home buyers who may prefer getting a jumbo mortgage instead of paying cash, as many home buyers in Naples choose to do. Buyers looking at luxury properties can obtain jumbo mortgages with interest rates that are on par with, and sometimes even lower than, conventional loans. So it might be a good idea to hold on to your cash and diversify.
If you want a mortgage, it is good to know the new qualified mortgage regulations (QM) don’t apply to jumbos, which makes them a more flexible option for buyers who want things like interest-only loans or who have a high net worth but complicated finances.
Jumbo mortgages can make sense for financing a home purchase even when buyers have enough cash, says Denise Andres, a real estate agent with ERA Landmark in Bozeman, Mt., who recently helped a client who downsized with a jumbo loan rather than pay all cash. “His thought was, with the gains in the stock market, why would I want to pay all cash if I can get 30-year money so low?” she says.
When buying or selling luxury property you can count on me, Frank Petras, for exceptional service. Please call me direct at (239) 595-2221 or visit www.FrankPetras.com.
As a REALTOR in Naples, Florida with a very impressive international client list, I am known for my incomparable market knowledge, exceptional customer service, superior negotiating skills, high-end global targeted marketing and tremendous results. I have an unrivaled reputation as a luxury property specialist. I have earned local and national recognition for marketing and selling multimillion dollar luxury waterfront and golf course estates and other fine properties in Naples, Bonita Springs, Estero and the surrounding areas.
Source: FEB 2014 Reuters
Voted Best Real Estate Agent in Client Satisfaction in Southwest Florida - Gulfshore Life Magazine
John R. Woods' Emerald and Platinum Circles of Excellence
Realty Alliance Leading Residential Real Estate Sales Professional in North America
Appointed to Who's Who in Luxury Real Estate
Awarded Million Dollar Guild Recognition by The Institute for Luxury Home Marketing