You Need a Home Loan in California Up to $15 Million? Learn Essential Ways How You Can Get That Loan Today

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Before you compare mortgage lenders for your high-value property, whether it be purchase or refinance, keep in mind that much of the financial advice you’ll see online is geared toward typical 30-year fixed rate home loans. That advice is geared toward loan sizes a fraction of the value compared to super jumbo mortgages of up to $15 million or more. Super jumbo home loans, along with regular jumbo loans that exceed county FHFA loan limits, have underwriting criteria that differ from conventional mortgages. Practically none of the advice you’ll see for getting a conventional loan that conforms to Fannie Mae or Freddie Mac guidelines will be useful for you to get a mortgage up to $15 million.

Flexible Underwriting Standards

You’ll find flexible underwriting standards with super jumbo home loans. You don’t even need to be a citizen or a resident. Likewise, you can also qualify with alternative income documentation or assets. Furthermore, you can use business income statements and profit-and-loss statements. 

Differing Down Payment Requirements

You can find super jumbo home mortgages that require differing levels of down payment. You may be able to find jumbo mortgage loans with a down payment of 5% or 10%. Other programs may require higher down payments, but loan terms in the super jumbo environment can also be flexible. You may be able to structure a loan up to $15 million that perfectly fits your financial goals, whether you’ll be selling another property or financing your purchase through other funds and assets, including but not limited to businesses. A qualified Independent Mortgage Broker may have the specialized niche loan product or be able to design one around your unique situation, which could in turn enable you to make that mega million dollar property purchase you previously thought not possible.

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Fixed Rate vs. Adjustable Rate Super Jumbo Mortgages

You can find interest-only mortgages, or 15-year fixed or 30-year fixed super jumbo mortgages up to $15 million. Adjustable rate mortgages with varying terms are also available in super jumbo mortgages. You may find the 5/1 ARMS, 7/1 ARMS and 10/1 ARMS more competitive in line with your overall financial needs. Or the interest only options a better  overall fit for your global debt service cash flow objectives.

You don’t need to fit into the standard conventional mortgage “box” if you want to buy a property worth $15 million or more. Working with a knowledgeable independent mortgage broker such as California Platinum Loans, you can evaluate a variety of pathways to getting the super jumbo mortgage you want and need. Think of California Platinum Loans like a jumbo mortgage concierge, who can make your path toward the property and home loan you desire as smooth as possible.  Get in touch with us to learn more how we can make that happen for you today!

Want a HELOC? a Home Equity Line of Credit Can Lower Your Monthly Payments and Help You Achieve Your Goals​

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Have you been thinking about a HELOC, aka a home equity line of credit? With favorable 30 year refinance rates and California home loans offering many options for refinancing or using the equity in your home, you’ve got a lot of choices to meet your financial goals. Many people choose a HELOC to pay off high-interest credit card debt. This is just one use of a HELOC that can meet your financial needs.

Why choose a HELOC instead of a refinance or traditional second mortgage?

A home equity line of credit (HELOC) is different from a home equity loan or a home mortgage refinance. With a home equity line of credit, you get credit available for your use as needed. Once you use the credit you pay back the funds you use over time.

The minimum payments required usually interest only. So you can pay for home improvements, college tuition, or even a down payment on a vacation home. Then you have the flexibility and financial breathing room to pay the HELOC money back over time in different amounts. Your HELOC will have a variable and adjustable interest rate, similar to an adjustable-rate mortgage (ARM).

If you want a line of credit with interest rates that are usually much lower than unsecured credit cards, a HELOC may be the answer. HELOCs offer access to funds that you can borrow, use, and repay on a flexible schedule. Most people choose a HELOC because it offers flexibility and availability, along with lower monthly payments, and lower interest rates.

Is the interest on a HELOC tax-deductible?

If you use your HELOC to improve your home or make home repairs, yes it may be tax-deductible.  However, you need to check with a licensed CPA or tax attorney regarding your specific tax situation. If you use the HELOC for other purposes, it probably won’t be tax-deductible. You should consult a tax advisor before using a HELOC to determine what you can and cannot legally deduct on your taxes.

What financial situations aren’t right for a HELOC and which ones are?

A home equity line of credit is secured by the equity in your home. It’s a form of a second mortgage. If you’re struggling to pay your bills, a HELOC isn’t a smart financial choice.

If you’re financially stable and want flexibility with access to credit at lower interest rates, a HELOC can be a wise financial choice. One of the best reasons to work with an independent mortgage broker is their ability to compare different HELOC lenders and their terms and conditions for you. An Independent Mortgage Brokers can then advise you on your options. Typically your monthly payments will be a lot lower on HELOC drawn funds.  This is due to the required minimum monthly payments typically being interest only. You can use a HELOC to remodel your home, make improvements, or use the money flexibly to meet your other financial personal or business, and family goals.

Empty Nester? Are You Re-Evaluating Your Options or Considering a Move? Learn Your Choices in Mortgages and Houses

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Are your kids leaving the nest? Whether you’re considering the ability to move to your dream house or downsizing to a dream location, you’ve got both choice and opportunity in your next home buying experience. You may not have considered it before, but working with an independent mortgage broker and real estate professional is one of the smartest choices you could make. Not only can they save you time and potentially, money, they can help you know your options in today’s ever-changing housing and financing market.

Real Estate Professionals Like Those at California Platinum Realty Can Help You Get The Most Out Of Your Equity

You’ve probably built up a lot of equity in your home, and if you want to sell it and move, you don’t have to put all of it into your next house. You have a variety of choices, from investment to pay for college costs, if needed. A real estate professional can review your options for the equity in your home along with different scenarios for your down payment and loan options for your next property.

A Professional Independent Mortgage Brokerage Such as California Platinum Loans Can Help You Choose The Best Mortgage Products For Your Specific Situation

Home loans have changed over the years, and most people who went through the 2008 mortgage crisis would agree — they’ve changed for the better. You could be surprised by the variety of home loan programs that are available. In addition to traditional 30-year mortgages and 15-year fixed-rate mortgages, you can consider other amortization periods, including 20 and 25-year loans.

You can also consider adjustable-rate mortgages and a variety of loans with different down payments. If you’re a veteran, you could consider a VA home mortgage, potentially with zero money down. In addition, if you thought you could only use your VA loan benefit once, you can use it multiple times.

RE Pros Like Those at LA County Home Listings.com and California Platinum Realty Can Help You Find Properties That Are Right For You

It’s easy to get caught up in searching for homes online, but not every property is listed via online services. An experienced, talented real estate professional can work with you, understand your home buying preferences and needs, and help you to discover the properties that will most appeal to you.

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Having your children leave home can be an emotional and exciting time of life. Working with a real estate and mortgage professional who’s experienced in both home search and sales, as well as mortgages and home loans, can ease the process and help you achieve your goals as you move on to the next phase of your life.