Juicy Estates: Mortgage Blog

Good News For Luxury Real Estate and Jumbo Loans

The national media, typically slow to pick up on anything related to real estate that is positive has noticed that the national average for jumbo 30 year fixed rate mortgages has dropped below 6% for the first time since 2005.  As mentioned in the Business Week article of October 12th jumbo loan (loan amounts over $417,000) rates have continued to fall.

The Business Week article also mentions that some luxury home buyers have run into difficulty with appraisals.  In most cases in the South Florida market issues with properties not appraising are due to the fact that the appraisal is ordered through an appraisal management company and an out of area appraiser is given the assignment.  Under current market conditions it is imperative that the appraiser on any assignment have an intimate knowledge of the market in which the subject property is located.

Oh and the good news……..we are HVCC compliant but we don’t order our appraisals through a management company.  We use local seasoned appraisers with years of experience appraising Luxury homes in the South Florida market.

This entry was posted on Monday, October 12th, 2009 at 9:38 pm and is filed under Home, Interest Rate Updates, Luxury Homes, Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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