What is a Jumbo Mortgages?
A Jumbo Mortgage is any single loan amount over the conforming loan limit set by Fannie Mae and Freddie Mac, which is currently $417,000 for a one-unit property in most of the United States.
Conforming limits may be higher in areas of the country with more expensive housing; for example, the conforming limit is $625,500 in Alaska and Hawaii.
Jumbo Mortgages are non-conforming loans, so they are not backed by Fannie Mae and Freddie Mac.
Jumbo Mortgages usually have higher interest rates because they carry greater risk.
Mortgage Navigators specializes in financing Jumbo Mortgages up to $3 million on a primary or second home.
Mortgage Navigators offers competitive pricing on fixed-rate and adjustable-rate Jumbo mortgages at historically low rates.
What are the benefits of a Jumbo Mortgage?
Jumbo Mortgages offer the following features:
- Allow purchase of a more expensive home with a minimum 20% down payment.
- No private mortgage insurance is required with a 20% down payment.
- Interest on loans up to $1 million is tax-deductible (consult a tax professional for more information).
- Flexibility to take advantage of refinance opportunities.
- Closing costs are about the same as conforming fixed-rate mortgage programs.
- Mortgage Navigators offers a Preferred Payment Plan on select Jumbo Mortgages that could reduce your interest rate by .250.
Who may benefit from a Jumbo Mortgage?
Jumbo Mortgages are primarily designed for buyers who are able to afford a luxury home and higher monthly payments, yet may not have the savings to make a huge down payment.
For more Information about Jumbo Mortgages
Contact your Mortgage Loan Officer today to see if a Jumbo Mortgage is the right solution for you. We take pride in delivering value and savings to home buyers across the United States.
It would be a pleasure to help.