Mortgage Blog

Captiva Island Mortgage

Captiva Island Mortgage, Captiva Island Jumbo mortgage

There are many people who own second homes in the Captiva Island area. In 2018, Captiva area was named in the “Top 10” best places to own a second home. In many cases, these homeowners have non-traditional or “jumbo” mortgages that require special processing if they plan to obtain a loan to purchase a home or to refinance their existing home. Before you purchase your dream second home, it is important to understand how a jumbo mortgage works. 

What is a jumbo mortgage?

Jumbo mortgage loans in the Captiva Island area are classified as loans in excess of $453,100. It is important to note this figure is a loan amount and not the value of a property. In most cases, a jumbo mortgage requires a private source of funding because many banks do not offer these loans. This is largely because the loans fall outside of the guidelines laid out for government backing. Many jumbo mortgage providers offer the consumer the option of using an adjustable rate mortgage to allow them to qualify and to keep monthly payments lower. We are happy to report we can lend with only 5% down up to 850k here in Captiva Island, FL. 10% down second home up to $1,500,000.

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Jumbo purchase mortgage

In most cases, a second home purchase will require the borrower to put down a minimum of 10 percent of the purchase price of the home. In some cases, this will actually help a potential buyer to save money since they will not have to worry about personal mortgage insurance. Most lenders who offer jumbo purchase mortgage loans will have strict income and expense guidelines that must be adhered to.

Jumbo refinance mortgage

Captiva Island residents who are currently paying a mortgage may benefit from currently low interest rates. In many cases, you can save thousands of dollars over the life of your loan by refinancing. Before you make a decision to refinance however, carefully review your current loan documents for pre-payment penalties that may make refinancing more of a burden than a savings.

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Whether you are considering a first time Captiva Island mortgage or you are interested in refinancing an existing jumbo mortgage, Core Mortgage Financial can help. We offer many Captiva Island jumbo mortgage programs through the relationships we have made with our investors and lenders. Call today and let us help you secure your Captiva Island purchase or refinance loan.

Contact us today using our online form to inquire about a Captiva Island Mortgage! You can also reach us 24 x 7 at 239-514-2674.

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Disclaimer: Rates, Programs, Guidelines are subject to change without notice. NMLS #1743702

Mortgage: Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.

Note: The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.

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