Buyers Can Change Their “Start Looking” Date to TODAY With The 95% CLTV Second Loan!

Home owners are becoming more proactive in creative financing. At one time, the thought of a second mortgage was looked at as being a big financial burden and would make those who were in need of one very uneasy. Today that has all changed, and borrowers see the second mortgage as a wonderful opportunity to get the finances they need for a specific purpose.

Here is an excellent example where the second mortgage by way of a Jumbo loan changed the lives of one couple.

Nick & Sarah

Nick and Sarah really wanted to buy a bigger home and they knew they could use a Jumbo loan to help with this. But, they thought they would need 20% down. So, they were waiting on the arrival of a huge bonus that was coming to them in order to buy the house of their dreams.

Unfortunately, their bonus wasn’t going to arrive until the 2nd part of 2020 and they were willing to be patient.

Until I showed them that with the 95% CLTV second loan there was no need to wait. They were immediately able to get into “start looking” mode on January 1, 2020!

The 95% CLTV second loan is the combined loan to rate value ratios that can provide a borrower with 95% of the value of their home. It is referred to as the jumbo loan. It comes with many advantages:

The Advantages:

Little to No Wait Time

• Being able to obtain a CLTV Second loan means not having to wait until traditional financing is in place. Having to wait often means losing out on the home that a person really wants.

Opportunity To Buy With A Lower Down Payment

• Not everyone can come up with the standard 20% down. With the 95% CLTV second loan buyers can get the home of their dreams with a 5% down payment.

Lower Monthly Payments

• This type of loan can offer lower monthly payments. It makes it easier for the borrower to carry the cost of the loan.

Fixed Rates

• Fixed rates give the borrower the security of knowing that their interest rates are not going to go up, which could create a financial burden for carrying the monthly payments.

Receiving Cash In Hand

• Those who opt into this 95% CLTV Second Loan can take the money from the second mortgage and fix up the existing home for resale. By doing so, they can sell the existing home for more. The money from the sale can then be used to pay out the second mortgage after they have made six payments. Plus, there may be an opportunity to pay down the first mortgage.

No Need For Insurance

• This jumbo loan eliminates the need to have mortgage insurance.

Ability to Take Advantage of The Current Market

• This type of mortgage allows home buyers who want to upgrade the chance to take advantage of what the real estate market is doing at any given time. If it is a buyer’s market, then a home buyer can get a good deal on that bigger home because they have the financing opportunity of the Jumbo loan. This allows them to take their time in preparing the existing home for resale, which might end up being sold in a market that has changed to a seller’s market.

Enjoying The Bigger Home Now

• Most often, those who are interested in investing in a bigger home need it now. They may be raising a family where the bigger home is going to accommodate them much better. If they have to wait for financing, then they are missing out on the features that the bigger home has to meet their current wants and needs. With the jumbo loan being available now, it means not having to wait.

Building Equity

• Another advantage to the 95% CLTV Second Loan is that it allows for the purchasing of the bigger home now. This means that as soon as the deal closes, equity starts to build with the new home. Being a bigger home means higher value, which in the long term, means more equity.

Contact Me

The wonderful experience that this couple had with this Jumbo loan is one that you can have too! Contact me at 480-313-7103 to learn more about this exciting Jumbo Buster.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.