Jumbo loans are reportedly becoming easier to obtain, which may be welcome news for high-end home buyers. Jumbo loans are mortgages larger than $417,000 in most parts of the nation and $625,000 in high-cost areas. In the first quarter of 2013, lenders originated $54 billion in jumbo loans, up from $47 billion one year earlier, according to Inside Mortgage Finance. Many jumbo lenders also reportedly are increasing the amount of a home’s value they will agree to finance.“The pickup in jumbo lending comes as home prices are rising and banks are looking to build closer ties with affluent clients and put more loans on their balance sheets,” The Wall Street Journal reports. J.P. Morgan Chase originated $5.6 billion in jumbo loans in the first quarter, which is 67 percent more than a year ago. "Housing prices are going up, consumer confidence is growing, and the affluent segment is in better shape," says Kevin Watters, chief executive of mortgage banking at JP Morgan Chase. Bank of America has increased its jumbo loan origination by 37 percent in the first five months of 2013.
Author:Mike Siers Phone: 252-489-3861 Dated: July 3rd 2013 Views: 6,011 About Mike: Mike Siers is in the top 1% in the Nations top Privately owned Real Estate company, Howard Hanna. W...
About Outer Banks Real Estate Mike and Stacy Siers Howard Hanna
We could give you the scripted bio, but it is the age of Google. Believe me when I say if you are online, you can be found. I want to tell you what you may not know.
Stacy and I have been together for most of our lives. We enjoy being around each other so much we work together. I like to say she keeps me balanced. I have been fortunate to work for many people and companies throughout the Mid Atlantic region and feel that experience has helped me understand people and situations. I have been doing sales for about 20 years, construction during 10 of those years and have managed a few companies along the way. Stacy, operated a HVAC company, managed retail and restaurants. Stacy started in Real Estate in 2008, not the best time if you dare to remember the real estate crash. She motivated me to get my license in 2009 and I started in 2010. I looked at the bad real estate market as an opportunity. A time to learn the market from the bottom up. A time to learn how to sell real estate when no one could buy it. In one of my past jobs, I learned the who, what, whens and hows of sales. I could move products! When I bought my first house out of college, I learned this was one of the most important purchases I would ever make. So when we work with clients, it is about them. We want to know why you are looking, how you want to use the house or what you are selling. What memories you have made from this house. We believe real estate is about people and relationships. We are fortunate to build friendships through real estate. It usually means we go to a lot of dinners in the summer when folks are down. (I really love that part)
The wrap up, Stacy and I won't sell you a house on The Outer Banks of North Carolina. We will work with you, share our knowledge, provide facts and dig for information on every home you are interested in and hopefully grab a bite to eat and share the memories you are making!
"November 10, 2014 ... I wanted to take this opportunity to pass on my appreciation for your excellent customer service during the purchase of my new home in Kill Devil Hills. As I was working in the Alexandria VA area, it was especially helpful to have someone like you on the ground with your knowledge and working relationships with many other high quality professionals on the OBX. Your great recommendations for the inspection company, attorney, and mortgage broker provided for a very smooth process for a very large purchase. All the work you did to coordinate the efforts throughout the process made things easier for me. I really appreciated your continual status updates and coordination through email, text and phone calls concerning all the elements involved in buying a home. I have already passed your contact information to a few folks who may be interested in purchasing a home in the Outer Banks, and I am sure they will as satisfied as was with your services! Thank you!"