Understanding Jumbo Mortgages

When a jumbo mortgage is the right kind of mortgage.

Designing Spaces

Home ownership is a dream come true for most people. Home is where we build our memories, our families and our friendships. In this portion of Designing Spaces, mortgage experts and a new home owner explains the concept of  “jumbo mortgages,” and give their personal experiences of obtaining one to make a “move up.” For higher-priced homes, you may require a jumbo mortgage, which is simply a mortgage that exceeds $417,000 in most parts of the country, or $625,000 in certain high-cost markets.

While some first-time home buyers may be interested in a jumbo mortgage, often buyers are purchasing a “move up” home. A jumbo mortgage can help buyers purchase a home that fulfills their needs, wants and dreams. A SureStart Pre-Approval from Citibank is no cost, for it will let you know how much you are conditionally approved to borrow. This will make your home search easier, because you will know your price range. It’s the first step towards creating the ultimate home.


Jumbo Loans Help Homeowners Dream Big

While some people want a jumbo mortgage to purchase their first home, most consumers use them to buy a “move up” home

What do you know about Jumbo Mortgages? Do you think they are not affordable, that it’s harder to qualify for them or banks just aren’t lending?

These are all common misconceptions. With home prices rebounding in most areas of the country, jumbo mortgages are available, and consumers who meet eligibility requirements have options to choose from.

When would a homebuyer need a jumbo mortgage?

o if the loan amount is greater than $417,000
o or in some high-cost markets, if the loan is greater than $625,000

While some people will want a jumbo mortgage to purchase their first home, often buyers are purchasing a “move up” home. These larger loans enable homebuyers to buy the home they’ve always wanted.

Homeownership is a journey and Citibank is there to help homebuyers through each step along the way. Mortgage representatives provide information about a full line of mortgage products and programs so home buyers can make confident decisions and fulfill their homeownership dreams.

• With a no-cost SureStart® Pre-approval,¹ buyers know the price range they can afford before shopping for a home

• A range of products and programs are available for homebuyers seeking jumbo loans, including fixed rate mortgages, adjustable rate mortgages and interest-only mortgages

• On-time Closing Guarantee2 gives buyers confidence that the date on the contract is the date the loan will close.

• Relationship pricing provides savings for eligible borrowers who have a qualifying Citibank account, or open an account. They can reduce their closing costs or receive a discounted interest rate.

1 SureStart is a registered service mark of Citigroup Inc. Final commitment is subject to verification of information, receipt of a satisfactory sales contract on the home you wish to purchase, appraisal and title report, and meeting our customary closing conditions. This offer is not a commitment to lend and is subject to change without notice. There is no charge for the SureStart pre-approval, but standard application and commitment fees apply.

2 If you are purchasing a home, we guarantee to close by the date specified in your purchase contract, unless prohibited by federal law,* and further provided that the date is at least 30 days after the application date and the date of your purchase contract. If your loan fails to close on time due to a delay by Citibank, you will receive a credit toward closing costs of $1,500. Offer not available for refinance loans, co-ops, unapproved condos, residences under construction, some community lending programs and government loans. In Texas, the credit may not result in your receiving cash back. (*Federal law requires certain disclosures be delivered to the borrower at least 3 business days before consummation. The guarantee to close does not apply if such disclosures are required and your closing is delayed due to the 3-business-day waiting period.)

For more information, please go to: http://www.citibank.com


Designing Spaces® and Citibank Talk How Jumbo Loans Help Home Buyers Dream Big

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Designing Spaces® and Citibank Talk How Jumbo Loans Help Home Buyers Dream Big

Citibank lends expertise on mortgages and home buying in three-part miniseries; first segment focuses on Jumbo Loans

(Pompano Beach, FL – PR.Com – April 15, 2015) Citibank, N.A. will be featured in a three-part miniseries on the award-winning home improvement show Designing Spaces® to lend their expertise on helping homebuyers purchase the home of their dreams. Tune in to the first segment that explores Jumbo Loans airing on April 17, 2015 at 7:00 a.m. (ET/PT) on Lifetime.

The encore episode of this segment will air on June 11, 2015.

There are a lot of choices when it comes to applying for a mortgage, and Karen Mayfield, Division Lending Executive, from Citibank will explain how the right mortgage may make owning a dream home possible.

Citibank offers home loans for qualifying consumers to accommodate a wide range of loan amounts, including jumbo loans, defined as loans that exceed $417,000 in most parts of the country or $625,000 in certain high cost markets. While some people need a jumbo mortgage to purchase their first home, most consumers are purchasing a “move up” home with a jumbo mortgage.

To help make the home search easier, Mayfield recommends that home buyers request a no-cost SureStart® Pre-Approval1 from Citibank to help determine how much money they are conditionally approved to borrow, let the home buyers know their price range before the shop for a home and allow them to make a stronger purchase offer. Viewers will also learn about other benefits of Citibank programs, such as relationship pricing which offers reduced interest rates and savings on closing costs for Citibank customers who have qualifying deposit accounts.

Ms. Mayfield said, “Citibank offers an On-Time Closing Guarantee. This guarantee underscores Citibank’s confidence that we have the right people, processes and products to help borrowers on their journey to homeownership.”

As a global bank with a local presence, Citibank offers a variety of mortgage programs to fit the needs of most homebuyers. A mortgage enables home buyers to enjoy the house of their dreams and a jumbo mortgage helps them to dream big.

For more information, please visit: http://www.citibank.com

1 SureStart is a registered service mark of Citigroup Inc. Final commitment is subject to verification of information, receipt of a satisfactory sales contract on the home you wish to purchase, appraisal and title report, and meeting our customary closing conditions. This offer is not a commitment to lend and is subject to change without notice. There is no charge for the SureStart pre-approval, but standard application and commitment fees apply.

About Designing Spaces® on Lifetime
Entering its 11th year, Designing Spaces continues to be one of America’s favorite home improvement shows. The show inspires viewers on decorating ideas, do-it-yourself projects and step-by-step home improvements to help make every space count and provide solutions to help you enjoy the space you live, work and play in. Designing Spaces Family of Spaces includes Think Green Spaces, Kids Spaces and its widely popular Spaces of Hope which prides itself on assisting people and places in dire need of a makeover including children’s shelters, animal shelters, homes for military families and more. Designing Spaces airs Thursdays and Fridays at 7:00 a.m. (ET/PT) on Lifetime Television. To view special segments visit: http://www.designingspaces.tv
For more information about O2 Media Inc. Branded Entertainment, Product Placement and TV Brand Integration, please go to: http://o2mediainc.com/Pages/187/Branded-Entertainment

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