Jumbo Loans

When it comes to buying a home, there are certain restrictions that are placed on conventional mortgages. On many levels, these restrictions are related to who will be able to qualify for a mortgage and what type of credit score or income is necessary; on the other hand, however, there are also some considerations that are associated with the amount that can be borrowed by a home buyer. For properties that exceed that amount, a jumbo mortgage lo Jumbo loans are going to be necessary for those who are looking into buying a luxury home - for example, a home that is on the beach or a home that is in a ski resort area. Similarly, jumbo loans will be essential for those who are looking into purchasing a penthouse condo or many other homes that are in the downtown areas of places like New York City or Los Angeles or San Francisco - whether those homes are meant to be the person's primary residence or a place to live during the work week in order to avoid the inconvenience of a long daily commute to work.

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1 Year Jumbo ARM and 2 Year Jumbo ARM Benefits: Low introductory rate fixed for one to two years Some of the products have fixed rate conversion options Ideal for investors who plan to buy and sell property in less than three years Stated income options exist with many of our investors	3 Year Jumbo ARM and 5 Year Jumbo ARM Benefits: Low introductory rate fixed for three to five years Various index based options to help you find the right balance of minimizing risk and getting a great rate (i.e. LIBOR vs. Treasury) – Ask your Loan Advisor for details Stated income options exist with many of our investors Interest only mortgage solutions	7/1 Jumbo ARM and 10/1 Jumbo ARM Benefits Low introductory rate fixed for seven or ten years. Various index based options to help you find the right balance of minimizing risk and getting a great rate (i.e. LIBOR vs. Treasury) – Ask your Loan Advisor for details. Interest Only options exist for qualified borrowers.
15 Year Jumbo Mortgage Loan Benefits: High stability of a fixed rate mortgage product (180 months). Less interest paid over the life of the loan compared to 30 year products. Accelerated amortization schedule offered by shorter term fixed rate products.	Who is a 30 Year Interest Only Loan Right For: A person who is looking for a low monthly payment option Someone who envisions their income increasing in the coming years Borrowers who likes the security of a fixed rate product Property owners who plan on being in their homes for close to ten years	30 Year Jumbo Loan Benefits: Protects borrowers against fluctuations in rate for the entire length of the mortgage (360 months). Monthly reduction of principle balance Simplifies budgeting process by providing consistent payment schedule Payments will likely be considerably lower than other shorter term fixed rate products due to the extended amortization period of the loan. You may also consider a 50 year mortgage or 40 year mortgage if this is a key decision making variable.

Jumbo loans, because of the considerably greater amount of money that is made available to the borrower, are considered to be a greater risk to the lender. Therefore, it is essential that those who are going to be applying for a jumbo mortgage loan are going to have a higher income than would be necessary in order to qualify for a traditional mortgage. Similarly, those who are applying for jumbo loans will find that it is important for them to have a considerable down payment saved and better than average credit in order to qualify for the jumbo home loan that they need.

How will you know if you need a jumbo mortgage loan? First, you are going to look at the cost of the property that you are interested in. If the cost of the home exceeds $500,000, chances are good that you are going to need to apply for jumbo loans. If, on the other hand, you have not yet started looking into properties and want to know whether or not you should be looking at jumbo loans, you are going to want to be sure that you are thinking about property values in the area where you are planning to buy in order to determine the amount of a mortgage you will need.

If you remain unsure about whether or not you are going to need to look at jumbo loans, the best thing that you can do is to talk over your options with a mortgage lender or broker and your real estate agent. You will be able to ask the questions that you have and to get the answers and information that you need. Whatever your questions are, having the answers that you need will help you to learn more about jumbo loans, the applications of those loans and about what it is going to take to qualify.