Jumbo loans bridge the gap between buyers, high-value properties

It is no secret that home prices have gone up exponential in recent years. According to Zillow, the average home price in the United States has increased from a 10-year low of $152,000 in 2012 to a current median sales prices of $218,000 in the peak spring/summer sale season this year.

Bringing the numbers closer to home, the average listing price in Solano County ranges from just under $300,000 in one zip code to near $750,000 in others, according to Trulia. In neighboring Contra Costa County, the listing prices start at $233,000 and ranges to over $2.6 million.

If the preferred location of your home is in a high-end housing market, chances are you’ll be paying more for it. That’s where a Jumbo Loan becomes a priority. Here are some things you should know about them.

Meant for high-value homes

Jumbo Loans are Real Estate loans for properties that are more than $417,000. Jumbo loans are allowed up to $3 million, which could cover most homes for sale in the Solano County and Contra Costa areas.

Not that different from a regular Home Loan

The process for applying for a Jumbo Loan is similar to other home loans. At Travis Credit Union, our Jumbo Loans come with fixed- and adjustable-rate options, low lender fees and no-fee options. Also, you can apply online with minutes as well as use a Jumbo Loan to refinance and lower your monthly payments.

If you’ve found the home of your dreams and you need a Jumbo Loan to make it yours, visit our Real Estate Loans, our Home Loan Center at One Travis Way in Vacaville or visit a branch near you.

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