Steamboat Homes

A recent NY Times article has reported on the recovery of Jumbo Loans in the US. They have reported that ‘mortgage industry executives say conditions are improving for those borrowing more than $729,750, the threshold for jumbo mortgage…Not only is it starting to get easier to qualify for these loans, they say, but rates are also coming down.’ This will hopefully ease the process for buyer in working toward their dream homes and is a sign that lenders have increased their confidence in the luxury real estate market.

The change toward jumbo rate mortgages now allows the most highly qualified borrowers to secure a 4.5 percent adjustable-rate mortgage. ‘This is about half of a percentage point lower than the prevailing rate late last year.’ In addition the average rate for a 30-year fixed jumbo loan is 5.125 percent. The amount of equity that needs to be maintained in your home has decreased from 30%, the amount needed at the end of 2009 to only 20% today. This means that you are allowed maintain a lower amount of equity in your home than previous years. This is another indicator that faith in luxury real estate market is recovering.

This is likely to increase activity and reduce inventory over the next year so it may be a good time to start looking more seriously around Steamboat. If you are interested in learning more about different real estate ventures in Steamboat, contact me at jon@mybrokers.com or 970.819.6930

Related posts:

1. Mortgage Rates Continue to Lower
2. Another Successful Real Estate Roundup In Steamboat
3. Mt. Werner Beginning to Look White

This entry was posted on Tuesday, April 6th, 2010 at 12:11 pm and is filed under News, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.