PR from CountryWide - “Dream Homes” Jumbo Loans are possible

November 29th, 2007

PR from CountryWide - “Dream Homes” Jumbo Loans are possible

by admin

Within Reach: Countrywide Home Loans Highlights Tips and Tools to Help Consumers Attain Their Dream Homes

November 28, 2007: 12:34 PM EST

CALABASAS, Calif., Nov. 28 /PRNewswire/ — Nearly one in six new mortgages made last year was more than $417,000 (known as jumbo loans) (1), indicating a strong, ongoing demand for financing options on higher-priced homes. Yet, many Americans in recent months feared their dream home was out of reach amid reports that jumbo loans were no longer readily available. To help these individuals and families restore their aspirations and achieve homeownership, Countrywide Home Loans, Inc., offers tips for securing a dream-home financing solution.

“We are committed to helping our customers attain the loan they need for the home they want. That is why we are working to help ensure that qualified customers aren’t squeezed out of the housing market just because they are purchasing in areas with higher-priced homes,” said Brian Hale, senior managing director, Countrywide Home Loans. “When empowered with expert guidance and responsible financing options, qualified borrowers can bring their dream homes back within reach.”

Today, many potential home buyers have renewed hope for attaining jumbo loans. To take advantage of the improving jumbo loan market, consumers can leverage these tips from Countrywide, America’s #1 home loan lender*:

Know “jumbo loan” lingo and options. A little knowledge can go a long way in securing a jumbo loan. Some key items to become educated about are:

— What types of jumbo loans are offered? In addition to offering 30-year
fixed loans, some lenders like Countrywide offer jumbo fixed-period
adjustable rate mortgages that offer a fixed rate for as long as 10
years, followed by a rate that adjusts annually. If the plan is to
remain in the home for a shorter amount of time, a three- or five-year
fixed-period ARM may be a better choice.
— How large can the loan be? If in the market for a high-end home, find
out where your lender’s jumbo loan limit is set.

Get pre-qualified or pre-approved. It is important to first determine a comfortable and affordable loan amount before setting sights on a particular home. A ballpark estimate can be obtained online through mortgage calculators. Even better, consumers can sit down with an experienced mortgage lender who can run through a variety of mortgage options to best suit their personal and financial circumstances.

For more information about jumbo loans and other mortgage options that can help in attaining a dream home, homeowners can visit their local Countrywide office or reach the closest office at 800-747-1871.

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