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What to Expect From a Jumbo Mortgage Loan.
Jumbo mortgages are not so different from standard mortgages but there are a few key things that are worth looking in to.
Jumbo Mortgage Loans
A jumbo mortgage loan is one taken for a top-dollar property. Both in Colorado and most of the United States, a jumbo mortgage loan is any mortgage that exceeds $417,000 - the limit set by Fannie Mae and Freddie Mac for conforming loans.
Fannie Mae and Freddie Mac, the two agencies that buy the majority of real estate mortgages, are exceptions). In the case of large jumbo mortgages, loans are often financed through other investments such as banks and insurance companies, and so a jumbo mortgage loan is categorized differently. Jumbo mortgage rates are higher because they are not guaranteed by government agencies, so they are riskier.
What This Means for Jumbo Mortgage Interest
The size of a jumbo mortgage loan means there is more to lose. The size, coupled with other factors, results in somewhat higher jumbo mortgage rates than those carried by conforming loans. And since a small percentage of a point on jumbo mortgage rates translates into a sizable payment difference, buyers need to shop for good lenders when applying for a jumbo mortgage loan to get the best jumbo mortgage interest rate. Buyers need to shop for good lenders when applying for a jumbo mortgage loan to get the best jumbo mortgage interest rate.
In fact, rates are only one thing you'll want to consider when looking for a jumbo mortgage. There are additional fees and closing costs to be considered that could even out the difference in jumbo mortgage rates. Occasionally, the lender with the higher jumbo mortgage rates will actually be the least expensive overall.
It's also important that buyers think about their goals, plans for the future, and other options. Just like conforming mortgages, jumbo mortgage loans come in a variety of products. Buyers have the option of taking out loans with adjustable jumbo mortgage rates with 3 or 5 year locked rates that adjust after that period, or fifteen or thirty year fixed rates.
Deciding which type of product (variable or fixed jumbo mortgage interest rate) is better for you depends on whether you plan to stay in the home for more than that locked 3-5 year period, or whether you will refinance the loan within 3-5 years anyway.
Buyers should not be scared off from higher jumbo mortgage rates; jumbo mortgage rates are higher only by a quarter of a point or so for well qualified buyers. What?s more, jumbo mortgages are the only option for home buyers in many parts of the country because $417,000 really isn?t that high a price in today?s housing market. In fact, jumbo mortgages are the only loans available in many areas. In the end, the best way to find a good jumbo mortgage loan is to shop around and find a reputable lender with good jumbo mortgage interest rates. A great mortgage lender will take the time to understand your needs so they can help you select an appropriate product.
This article is written by J.B. of 1st American Mortgage and Loan, LLC, a Colorado mortgage company who offers customers access to information on obtaining a mortgage loan in Denver, and other information about getting a home mortgage in Colorado through his website TrueMortgageQuote.com
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