Ashley Siepert

Loan Officer

NMLS 91461

Ph. (208) 440-0637

Fax (801) 214-1781

 

Ashley Siepert has been working in the business of mortgage lending since 2001.  Establishing a rapport of trust and maintaining long term customer relationships is her signature way of doing business.  The mortgage industry has changed drastically in the last decade and you need someone you can trust to help you secure the best home loan option for you and your family.  Ashley has a high level of ethics and has a very honest straight forward approach.  Being in the industry for so long allows her to have an extensive knowledge of the mortgage industry and the different loan options available.  She believes taking the time to listen to and understand the client is the key to structuring the right loan for their situation. Communication with her clients is the  key to a successful and productive long term working relationship.  Ashley believes that "The client may only think of home loans a few times in their lifetime, but I think about them every day and I am here to work for you to make sure that you are set up with a loan that will benefit you for current and future financial health."

 

Preparing for a Jumbo loan

 

Jumbo mortgages and conforming home loans have many similarities, but there are some key differences to be aware of, including the amount of down payment, cash reserves and credit score you’ll need to qualify.

How will you know if you may benefit from a Jumbo loan?- If you’re shopping for an expensive home or searching in a hot real estate market, you may find that the amount you need to borrow exceeds the loan limits for traditional loans. 

A conforming loan is a mortgage that “conforms” to Fannie Mae and Freddie Mac requirements regarding credit, debt and loan size.  The conforming loan limit in Utah is $453,100.  If you are looking to secure a mortgage for higher than this amount than you will probably find yourself looking at jumbo loan options.  Jumbo loans are unique in the fact that they are loans that have more specific guidelines and can be harder to qualify for.  Below are a few tips that may help in preparing for moving forward with a jumbo loan~

1. The underwriting process is more stringent on Jumbo loans.  It is important to be upfront with all information regarding credit and income information.  It is an extensive underwrite so this will help the process go smoother.

2. Most Jumbo loans require at least 15-20% down payment.  On top of the down payment, they will need to show that you have money in reserves.  This can be investments or a bank account.  The amount depends on the program you go with.

3. Be prepared the loan process will take a little longer than the conventional loan process.  A jumbo loan will generally take in between 30-45 days to close.

4. A jumbo loan will quite often require a review of the appraisal or even a second appraisal to back up the value of the home. 

 

The jumbo loan process can be a good experience if you prepare yourself in advance for a longer, and a more in depth process than a normal conforming loan.