Jumbo Mortgage RatesJumbo Loans for Jumbo Dreams
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Jumbo Mortgages are a bit tricky in the amount and manner of finding funds. There are a number of major considerations that can affect the mortgage and the loan to value availability of funding. Finding the right mortgage and the
right rate is what Sun American Mortgage does. |
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Loans for properties over $417k are all called “Jumbo
Mortgages” these days. The properties may be single family, condominiums in exclusive high rises or huge ranches with Hollywood houses attached. Getting the best interest rate on a Jumbo mortgage is the most desirable position for anyone. The professionals at
Sun American Mortgage are the right people to assist you in locating the loan that best serves you and your needs.
What Are Common Jumbo Mortgage Structures?
There are three basic types of Jumbo mortgages. The first is a 30 year fixed rate mortgage. Each of the loan payments are the same stretched out over a 30-year period. There are occasions when this is an ideal loan. The second most popular is a 15-year Fixed Rate mortgage. This one has a higher monthly payment but the interest rate and payment is fixed for the 15 years. Many buyers who prefer this type are planning to sell in the next 5 – 10 years and want as much cash profit after the sale. The third is the Jumbo ARM. This one comes in two common structures: 5/1 mortgage or a 7/1 mortgage. This Jumbo mortgage can become a jumbo headache if you “guess” wrong about the economy’s future.
Jumbo ARMs
This type of mortgage is one where the interest rate is adjusted after the fixed period. There was a time before the economy crashed where ARMs were 3/1 and many uneducated buyers were caught in a rising payment that put them out of their homes. This type of Jumbo mortgage comes with interest rates that are certain to change. Most people who prefer this structure plan to move from the home in less than the fixed rate time. They know they will get less profit on a sale because short-term ownership does not have much time to build equity.
Jumbo Fixed Rate Mortgages
The 15-year Jumbo Mortgage Rate can open a buyer to a lower interest rate because either the mortgage has a higher credit line underwriting it or there is a substantially higher down payment for the property or both. The 30-year Jumbo Mortgage rate is usually a combined credit line with a smaller down payment and a longer payment schedule. The purpose of the property considered in combination of a consideration of a first or second mortgage on the property should be discussed with professionals who can help you look at the pros and cons of each.
Arizona Mortgage Rates
Understanding whether it is better to
qualify for a Loan-to-Value or a High Combined Loan-to-Value mortgage is one that requires specialty knowledge. The LTV may be as high as 80% for a Jumbo mortgage compared to 85% on an HCLTV. That sounds like a no-brainer on the surface but the second requires a guaranteed credit line that may inhibit some other portion of your life or business. By contrast, it may be the best avenue if you need to secure your business assets from other liability. Calling
Sun American Mortgage to discuss rates in Arizona is good business.
Jumbo Mortgage Guidelines:
Purchase Loans 1 - 2 Unit Primary Residence
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Loan Amount |
LTV |
HCLTV |
| $417,000
- $650,000 |
80% |
85% |
| $650,001
- $1,000,000 |
80% |
80% |
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$1,000,000 - $1,500,000 |
70% |
70% |
| $1,500,001 - $2,000,000 |
65% |
65% |
Purchase Loans 1 Unit Second Home
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|
Loan Amount |
LTV |
HCLTV |
| $417,000
- $650,000 |
75% |
75% |
| $650,001
- $1,000,000 |
70% |
70% |
Rate Refinance Loans 1 - 2 Unit Primary
Residence
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Loan Amount |
LTV |
HCLTV |
| $417,000
- $625,000 |
75% |
80% |
| $650,001
- $1,000,000 |
75% |
75% |
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$1,000,000 - $1,500,000 |
65% |
65% |
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$1,500,001 - $2,000,000 |
60% |
60% |
Rate Refinance Loans 1 Unit Second Home
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Loan Amount |
LTV |
HCLTV |
| $417,000
- $650,000 |
70% |
70% |
| $650,001
- $1,000,000 |
65% |
65% |
For more information on Jumbo Mortgages, contact us
at your convenience.
Compare Jumbo Mortgage Rates.
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Sun American Mortgage
BK BR 7548
NMLS# 160265
(888)863-5245
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