loan•ol•o•gy (mortgage blog)

Noun

  1. The study and explanation of mortgage rates, terms, programs and approval requirements
  2. An attempt at a clever name for our blog


Are interest rates higher on Jumbo Loans?


That was true in the past, but not anymore. Recently, Jumbo Loan rates started matching conforming loans, and in some cases, are even lower than traditional conventional mortgage loans. Check the latest Jumbo Loan rates here or contact a Jumbo Genius for a custom quote. 
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United Home Loans Celebrates 15 Years


United Home Loans recently celebrated 15 years of superior mortgage advice. Thank you to our team for bringing their best each and every day.
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I had a short sale in the past. Can I still get a Jumbo Loan?


Generally, you do not qualify for a Jumbo Loan until seven years after a short sale. Specifically, it really depends on what’s on your credit report and your current income and asset situation. For a free copy of your official credit report used by lenders, contact a Jumbo Genius here or call 708-531-8388.
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What is the maximum Jumbo Loan amount?


The maximum Jumbo Loan amount offered by United Home Loans is $3 million. There may be options for higher loan amounts. For information, contact a Jumbo Genius here or call 708-531-8388.
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I have plenty of cash, but my monthly income isn’t super high. Do I qualify for a Jumbo Loan?


Yes, we can use the asset depletion method to calculate your income. United Home Loans currently uses the most aggressive formula in the industry, which is adding up your assets, multiplying that number by 60%, and then dividing that number by 60 months. For a custom asset depletion calculation, contact a Jumbo Genius here or call 708-531-8388.
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Are there any prepayment penalties on a Jumbo Loan?


No, at least not on any of the Jumbo mortgages offered by United Home Loans. We have a variety of programs, terms, and rates to suit your needs. Contact a Jumbo Genius here or call 708-531-8388 for information. 
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Can I close a Jumbo Loan in trust?


Yes. Most, if not all, Jumbo Loans close in living or revocable trusts. Some Jumbo programs also allow you to close in an IL land trust. For answers to your specific trust situations, contact a Jumbo Genius here or call 708-531-8388.
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How long does it take to qualify for a Jumbo Loan?


At United Home Loans, we know everything there is to know about Jumbo Loans, so qualification is quick. Provided you provide the requested information, you can be preapproved within an hour.
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I’m self-employed and my business just started making money. Can I get approved for a Jumbo Loan?


Probably not, unless you have substantial assets. In that case, we can do an asset depletion income calculation.
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Four Things to do for July 4th


There’s no need to travel far to have a blast this Independence Day. Enjoy greater Chicago with these four festivities:
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Is there a no-income documentation option on a Jumbo Loan?


While there isn’t technically a no-income documentation Jumbo Loan, there are different ways to calculate income, such as asset depletion or a bank statement program.
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Can down payment funds on a Jumbo Loan be gifted?


Yes, down payment funds can be gifted for a Jumbo Loan purchase.
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