$766,550 and a jumbo loan will be anything above $766,551.
However, as mentioned above, with the cost-of-living being different across the country, certain areas have higher conforming loan limits than others. Therefore conforming and jumbo loans will be different depending on your area. For instance, Los Angeles and Orange counties high balance loan limit for 2024 is $1,149,825.
Now you know about the mortgage options on the table. Let’s talk a bit about the people involved in making the mortgage a reality.
THE PLAYERS INVOLVED IN THE LENDING PROCESS
After the prospective buyer decides they want to buy, they will need to select a lender. As a real estate agent, you will likely be asked for advice on the topic. This recommentation is very important as the lender can make or break your deal. The first person engaged in the lending process is referred to as the loan officer or loan advisor. The loan officer is the project coordinator, overseeing the transfer of information between your client (the prospective buyer) and their organization’s processing and underwriting departments. It is likely that the loan officer will be in direct contact with the borrower from the beginning of the mortgage process all the way through until closing. The loan officer should be licensed with the National Mortgage Licensing System (NMLS). The loan officer’s licensing status can be verified with the NMLS at www.nmlsconsumeraccess.org. The site is incredibly simple: you enter in a loan officer’s name, address, and other important information, and the system tells you if they are on the level. It will let you know if they are an active registrant in the federal database, if they are authorized
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