Remax Palos Verdes/Execs has formed a new alliance with Bank of America which will benefit our clients in several ways. We now have access to the largest lender in the jumbo market. Bank of America will loan 80% up to a $2,000,000 loan to qualifying borrowers. This will help buyers (and therefore sellers) of Palos Verdes real estate. Remax Palos Verdes/Execs clients will be given priority and our agents will be given a source code so that we can track the loan through all stages.
We have a local Legacy Bank of America office which has their own loan processing center and underwriting department. This is very beneficial as a local person is making a decision about a local property which means the file won’t be “rubber stamped” but given personal attention based on our local market. No more dealing with a loan center half way across the country. And our clients are promised a better loan rate!
The current rate for a 30-year fixed conforming loan (up to $417,000) is 4.625%; a jumbo conforming loan ($417,000 to $729,750) is 4.75%; and for a jumbo loan to $1,500,000 the rate is 5.5%.
