Jumbo Mortgage Loans in Hinsdale, IL
Hinsdale is a vibrant community located along the Burlington Northern Santa Fe (BNSF) railway line, just 21 miles west of Chicago. According to real estate web site Trulia, the median sales price for homes in Hinsdale from August 13, 2013 to November 13, 2013 was $857,500. Hinsdale has won numerous awards and has been ranked by CNN Money as one of the top 100 places to live.
Homes with this price tag will typically require a jumbo mortgage loan, which is a loan that exceeds $417,000 in the Greater Chicago mortgage market. United Home Loans is an expert in jumbo mortgage lending and has been lending in Hinsdale since opening in 2002.
Typically, if you borrow more than $1,500,000, the lender will require two appraisals to ensure the value and marketability of the property. In addition, jumbo mortgage lending typically requires a bit more paperwork. Be prepared to provide the following documents:
- Last two years W2s and federal tax returns (all pages) for all borrowers
- Last two pay stubs for all borrowers
- Statements for the last two months for all bank and investment accounts; this must document sufficient funds for your down payment and at least six to twelve months of mortgage payments in reserve
- Copy of the executed purchase agreement for your new home
- Financial information on all other properties owned including mortgage, tax and insurance information
Now is a great time to be a jumbo mortgage borrower. Banks continue to roll out the red carpet for the more affluent borrower. But don’t expect the process to be total easy. The underwriting process is fairly rigid as lending institutions want to make sure the I’s are dotted and the T’s are crossed for loan amounts that large.
If you need a rate and payment quote for a jumbo mortgage, contact us below or at 708-531-8388.