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.
(1) According to Inside Mortgage Finance, as reported in Realtor(R)
Magazine online
http://www.realtor.org/rmodaily.nsf/pages/News2007082904
*About Countrywide Home Loans, Inc. Countrywide Home Loans, Inc., a member of the Countrywide(R) family --
America's #1 home loan lender -- (as ranked for 2006 by Inside Mortgage
Finance, Feb. 2, 2007, Copyright 2007), originates, purchases, securitizes,
sells and services home loans and is the primary subsidiary of Countrywide
Financial Corporation (NYSE: CFC). Countrywide Financial Corporation,
through its subsidiaries, provides mortgage banking and diversified
financial services in domestic and international markets. Founded in 1969
and a member of the S&P 500 and Fortune 500, Countrywide Financial
Corporation is headquartered in Calabasas, California.
http://www.countrywide.com
SOURCE Countrywide Home Loans, Inc.
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Related links:
http://www.countrywide.com
CONTACT:
Media, Janet Quan, or Kris Yamamoto, both of
Countrywide Home Loans, Inc., 1-800-796-8448,
pressroom@countrywide.com
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