BIG News: Jumbo loans Are Now Available
Have you ever tried to obtain a Jumbo loan and had trouble finding a source? State Savings Bank is pleased to announce that we now offer Jumbo loans, a specialty home loan which few lenders in the Des Moines area offer.
A Jumbo loan is needed when a borrower needs to finance more than $424,100. If one or more of the following items describe your current situation, you may be a strong candidate for a new or refinanced Jumbo loan:
- You're contemplating a new home purchase and will need to finance more than $424,100.
- You currently have a fixed-rate mortgage with a balance greater than $424,100.
- Your current interest rate is over 4.875%.
- Your established equity is at least 20-30% of its appraised value.
- You're looking for a source of funds to improve your home or for other purposes.
What if I don’t need to borrow $424,100 or more?
We still offer conventional mortgage financing. We just wanted to get the word out that we now additionally offer Jumbo loans. We would be happy to help you with the best mortgage option for your circumstances.
If exploring the benefits of a new or refinanced home loan interests you, please contact your lender. With the probability of rising interest rates continuing, investigating this now may be a smart financial move!