Altabanking episode 12 with Ben Pack
Ben Pack – Altabanking Interview KSL Radio Transcript:
Segment title: Helping Utah Home Buyers Secure Jumbo Mortgage Loans
GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Ben Pack is President of the Mortgage Division at Altabank. And Ben, even with the current uncertainty and economic climate, people are still buying houses. How has that experience changed over the last three months?
BEN: Thank you Grant, you’re exactly right. People are still buying homes. You know, the market here in Utah overall is very strong. And a lot of people are taking advantage of these historically low interest rates. You know, some of the challenges that people are facing though is the liquidity crunch from the market. It’s caused some of the banks and brokers to pull back on some of the programs that they’re offering. It’s creating some frustration for sellers and for buyers. A perfect example of this is is the jumbo loan.
GRANT: So what is a jumbo loan?
BEN: You know, technically speaking a jumbo loan is any loan over $510,400 nationwide. Now there are some counties that have exceptions to that, but generally speaking any loan amount above that amount is considered a jumbo loan.
GRANT: And are jumbo loans still available at community banks like Altabank?
BEN: Yes, Altabank still has jumbo loans. Jumbo loans have exceptionally good interest rates right now and working with Altabank, we have full control of the file. It’s a product that we keep in-house. It’s a product that we control the rates on to save our customers money. And it’s one of the big advantages of working with a community bank like Altabank. You know, we’ve made it so easy, we even have the phone application that you can e-sign your documents right then and there. Go to our website Altabank.com and download the app or apply right online.
GRANT: Thank you Ben! This has been Altabanking. Brought to you by Altabank. Member FDIC. Equal Housing Lender.