Another strong indicator for the recovery economy is the reintroduction of jumbo loans by a local mortgage lending office. Broadview Mortgage now offers loans from $625,500 to $3 million, according to Kelly Marsh, branch manager of the downtown Santa Barbara office of Broadview Mortgage.
A jumbo loan is defined as a mortgage with a loan amount exceeding the conforming loan limits set by the Federal Housing Finance Agency. This means the loan is not eligible to be purchased, guaranteed or scrutinized by Fannie Mae or Freddie Mac.
Though jumbo loans are technically different than a traditional mortgage loan, Broadview Mortgage has the same 30-day close for purchase transactions and competitive market rates for jumbo loans, according to Marsh. There are 30- and 15-year fixed mortgages along with five-, seven- and 10-year adjustable rate mortgages.
“We use our panel appraisers versus going to a national appraisal service that send out-of-town appraisers,” added Susan Bonanno, who was ranked “Top Producing Loan Officer — Loan Amount and Total Units” for 2012 among Broadview Mortgage’s 42 loan officers. “Additionally, Broadview jumbo loans can be used for second homes.”
Orange-based Broadview Mortgage provides residential loans and serves California. Its Santa Barbara branch was named the company’s “Top Producing Branch — Total Units.”
Those interested in learning more about mortgages and interest rates are welcome to contact Broadview Mortgage at 805.563.1100 or by clicking here.
— Jennifer Goddard Combs is a publicist representing Broadview Mortgage.