Generally Fort Lauderdale luxury properties carry a price tag of $1 million or more. To finance this type of home, one would need a luxury loan, commonly referred to as a jumbo loan. Since financing Fort Lauderdale luxury properties can be more challenging than financing more modest properties, many prospective home owners at the luxury level seek the services of a specialist lender.
Guiding principles for jumbo loans:
Detail-Orientation – As with any credit application, you need to ensure that yours is squeaky clean. Don’t skimp on the details, even when questions seem unimportant or redundant. Prepare in advance by checking your credit record with all three major bureaus to ensure there are no damaging inaccuracies. Curing them can take time, so getting a head start will pay off later.
Right-Sized Deposit – The larger your deposit, the greater the odds of approval when financing Fort Lauderdale luxury properties. It stands to reason. The more you can contribute above the standard deposit rate, the clearer your message: this loan will constitute less risk.
Shop Around for Good Rates – The constrained market for jumbo loan resale is one of the reasons rates are somewhat higher than those more commonly available, so keeping a shopper’s mentality is a good idea. When financing Fort Lauderdale luxury properties, keeping the rate as low as possible is only prudent. Obtain good faith estimates from a few lenders to learn who is offering the best deal.
If you are thinking about buying or selling a luxury home, keep in mind the financing aspect can be the most challenging part of the process. At Luxury Living Fort Lauderdale we can help you find your perfect home out of all the available Fort Lauderdale luxury properties. In addition, we can furnish referrals of trusted lenders that have proven to make the financing Fort Lauderdale luxury properties as uncomplicated as possible.
