Mortgage

How to Get a Million Dollar Mortgage

How to Get a Million Dollar MortgageWhen looking to buy a million-dollar home, you need to consider whether you’ll be able to afford a million-dollar mortgage (also known as a jumbo mortgage). A property worth $1 million will have lots of bedrooms and bathrooms and maybe even a swimming pool or tennis court. You need to know that you can pay for all the expensive utility bills, any repairs or renovations, and maintenance of the property to keep it standing for years to come.

You should also think about how much you’ll be expected to pay each month on your mortgage repayments, including the fact that interest rates could rise, therefore increasing the payments and term of your loan. It’s important that you can avoid defaulting on your loan or going into foreclosure.

When you know you’re ready for such a huge undertaking, here’s what you need to do to get a million-dollar mortgage:

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