In the market for that "once in a life time" dream house? Does your dream translate into a loan that's larger than the conventional loan limit? If you can make a large down payment and pay all your closing costs up front, you will get a lower rate by staying below this limit. However, if your financing needs are greater, a Jumbo loan may be the right choice.
Our Loan Consultant can find the Jumbo loan that's right for you and give you quotes on current interest rates and closing costs.
Jumbo 30 Year Fixed
| Best Choice If:You plan on staying in the home long-term.
You think interest rates will increase.
You don't expect your income to increase significantly over the coming years.
You need to qualify for the largest loan possible. | Advantages:Fixed rate of interest.
Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments. | Disadvantages:You end up paying more in interest charges over the life of the loan.
Benefits of the fixed rate are not realized until after the 10th year. |
Jumbo 15 Year Fixed
| Best Choice If:You plan on staying in the home long-term.
You think interest rates will increase.
You don't expect your income to increase significantly over the coming years.
You need to qualify for the largest loan possible. | Advantages:Fixed rate of interest.
Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments. | Disadvantages:You end up paying more in interest charges over the life of the loan.
Benefits of the fixed rate are not realized until after the 10th year. |
Jumbo 20 Year Fixed
| Best Choice If:You plan on staying in the home long-term.
You think interest rates will increase.
You don't expect your income to increase significantly over the coming years.
You need to qualify for the largest loan possible. | Advantages:Fixed rate of interest.
Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments. | Disadvantages:You end up paying more in interest charges over the life of the loan.
Benefits of the fixed rate are not realized until after the 10th year. |
Jumbo 30 Year 10 /1 ARM
| Best Choice If:You want a loan with:
Very low initial payments.
Payments that adjust up and down with market movements. | Advantages:Treasury Indexed ARM Interest and payment adjustment occurs every 12 months after the 10th year.
Low initial rate and payment. | Disadvantages:Interest rate and monthly payments adjust frequently after the 10th year.
Interest rate can rise above the current fixed rates over time. |
