The Nuts & Bolts of a Jumbo Loan
Big Savings with a Jumbo Loan
A jumbo mortgage can get you a low-interest rates for a big loan. With a choice between an adjustable rate or a fixed rate, a jumbo loan can offer you the flexibility to finance your home with a larger loan amount.
- Do you need a mortgage from $453,101 to $3,000,000?
- Are you looking for flexible interest rates and terms?
- Do you need a simple and fast turnaround for your home purchase or refinance?
If so, then you could benefit the most from a jumbo loan.
Conventional loans can be a great choice for borrowers who have good credit, a FICO score of 740 or higher. The maximum debt-to-income (DTI) ratio for jumbo loans is 45 percent and the property appraisal must support the purchase price for the home and the mortgage amount you’re looking to borrow.
To find out if a Jumbo loan is right for you give one of our Home Loan Specialists at call at (800)-470-7750, or fill out this online form to get started right away!
Highlights of a Jumbo Loan
- Refinance up to $3,000,000 and use the option of a cash-out for as much as $500,000.
- You may qualify with a credit score as low as 700.
- We also offer VA jumbo loans, which provide added benefits to veterans – no down payment for purchasing and refinance of up to 90% of the value of your home.
How does it Work?
- A loan that exceeds the conventional loan limit of $453,100 is known as a jumbo loan.
- Loan limits will vary by county, and interest rates will depend on the location of the property and market conditions.
- The monthly payment will depend on your personal situation and the interest rates at the time you apply.
- You can typically pay your mortgage faster without prepayment penalties.
Advantages of Jumbo Loans
Jumbo loans, like any other mortgage, will offer you different types of rates and terms to suit your particular needs. Whether you would prefer an adjustable rate or a fixed rate for your jumbo loan, you can choose the right loan to fit budget.
Over the last 10 years, jumbo loan interest rates have significantly declined. In comparison to the rates of pre-2009 era, today’s jumbo loans offer considerably lower rates. If you have an existing jumbo loan, you could consider refinancing for a lower interest loan.