Continuing with our current article series on refinancing a mortgage I stumbled across a fantastic website during my research on the topic of mortgages and refinancing. Luxury Mortgage Blog, operated by Luxury Mortgage Group who is a direct Colorado mortgage lender is not only an information source on high-end, jumbo mortgage and condotel financing, the blog additionaly contains numerous articles and videos related to the mortgage industry. The blog is authored by an extremely knowledgable team of expert financiers who are not just out to promote their Colorado mortgage business via the blog, they are sincerely sharing experiences and news from the mortgage industry in a frank an open manner. I’ve spent the last fews days reading through the blog and have found several inspirational articles that I’d like to share with my readers here.

For starters, the article 7 Things You Need To Consider When Financing A Condo-Hotel Property, is an extremely enlightening read regarding a subject I had not been previously aware of, condo-hotels. Condo-hotels (or condotels), which are mixed use properties, both commercial and residential in nature are a hybrid investment property that can be considered a second home even if it’s located in the same city as your primary residence. The article goes into depth about how income can be derived from the ownership of a condotel and how the tax structure on these type of properties can be more beneficial than a traditional condo unit. The author of the afformentioned article and President of Luxury Mortgage Group, Mr. Jason Fox, is extremely well written and you don’t have to be an expert in the field of mortgages and financing to comprehend the facts he delivers.

Another excellent article by Mr. Fox, Jumbo, Super Jumbo and now Ultra … what?, details terms used in the the mortgage industry to refer to loans over a certain amount as “Jumbo Loans”, “Large Jumbo”, “Super Jumbo Loans” and “Ultra Jumbo Loans”. Borrowing from Mr. Fox’s article, here is what he defines as the new Jumbo Mortgage Scale:

‘Jumbo Loans’ range from $417,000 to $650,000. ‘Large Jumbo’ range from $650,000 to $1M. ‘Super Jumbo Loans’ range from $1M to $10M. ‘Ultra Jumbo Loans’ range from $10M to $50M.

While the average consumer who is dealing with securing a first mortgage or refinancing an existing mortgage does not fall into the categories mentioned above, the overall usefullness of the articles presented on Luxury Mortgage Blog is unparalleled. Considering the rising cost of housing, there are an increasing number of homeowners and perspective home buyers who now fall into the “Jumbo” and “Large Jumbo” categories and there is a wealth of information available for this demographic on the blog. Although I am not personally carrying a mortgage on either of my houses, It’s interesting to now know that if I were to sell my properties, the next buyer would have to take out a “Large Jumbo” mortgage to cover the costs. Hooray, I’m a double “Large Jumbo” homeowner !!!

Luxury Mortgage Blog also covers topics such as Pledged Asset Mortgages, which are an exciting alternative to liquidating assets in your investment portfolio to cover the normal down payment required on a jumbo, super jumbo or ultra jumbo residential mortgage. A Pledged Asset Mortgage can also help a buyer save thousands of dollars per year by allowing them to eliminate the need for costly private mortgage insurance or high interest second mortgages. I won’t go too far into detail on these type of mortgages because Pledged Asset Mortgages will be a topic discussed later in this current article series, however, Mr. Fox has once again presented a truly enlightening article that covers all bases.

If you’re involved in the mortgage or real estate industry, you will definitely want to point your browser at Luxury Mortgage Blog and subscribe to their RSS feed in the reader of your choice. The techniques, tips and general information delivered by Mr. Fox and his team of experts is by far and large the most comprehensive in the industry and you don’t need a mortgage brokers license to read and understand the topics presented on the Luxury Mortgage Blog.