Financing luxury Homes in Bend Oregon is not a problem according to Kevin Pangle branch manager of Evergreen Home Loans.
"Mortgages for Luxury Homes or more commonly know as “Jumbo Loans” are still available and as time passes, have become easier to obtain. The earlier versions of “No Doc”, “Limited Doc” and “Stated Doc” have not come back in the fashion we saw in 2004 – 2006. However, with credit scores over 680, Jumbo Loans are still available. With scores over 720, the rates and terms are favorable. Mortgages that range from 1/1, 3 /1 and 5/1 adjustable to the standard 30 year Jumbo Loan provide more options for most Luxury Home Buyers."
"It is simple, we may never see Central Oregon home prices this low for many years to come. But we do know that lower mortgage rates will return. It makes sense to buy when the home prices are low; knowing that rates will go back down allowing opportunities to refinance for lower monthly payments."
Kevin went on to say that by law he cannot advertise interest rates without quoting the Annual Percentage Rate. That is the interest rate plus the cost of financing. So the APR will be a little higher than the interest rate. Of course interest rates change daily and can go up or down on any given day.
The photo of the luxury home above is provided by Total Property Resources LLC through the Central Oregon MLS and their reciprocity agreement. It is currently listed for sale at $6,000,000.
Jim Johnson has been selling luxury homes in Bend Oregon since 1981. Call 541-389-4511 or see his web site http://www.bendoregonrealestateexpert.com . To see more information on Bend Oregon click on the link below http://bendoregonrealestateexpert.com/bendoregon.asp .
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