Jumbo Rate Loans
A jumbo rate loan is a loan that exceeds conventional or conforming loan limits and is a great loan for purchasing a high-priced or luxury home. If you have a lower debt-to-income ratio, a higher credit score, and a larger down payment – a jumbo rate loan may be right for you. And, while jumbo rate loans typically require a higher down payment, higher credit score and reserves, the perks of the jumbo rate loan are numerous. Jumbo rate loans have no private mortgage insurance requirements. Call MortgageRight! You Talk!
Higher Priced Homes
Jumbo rate loans offer the opportunity to get mortgage financing for larger loans. Offering a choice between fixed or adjustable rates, our jumbo rate loans offer maximum flexibility for larger home financing. So, if you are looking for a mortgage loan between $417,000 and $3,000,000 – call MortgageRight today.
Jumbo Rate Refinance
Before you start looking for a new loan, you need to know if refinancing fits into your life plan. If you are considering selling your home in the next few years, refinancing your jumbo rate loan may not make sense. However, loan amounts on jumbos are bigger than conventional loans, so a reduction in rate could result in saving money. Some borrowers are refinancing one loan with two loans where we combine a conforming first mortgage with a second mortgage. Disclosure: Even though a lower interest rate can have a profound effect on monthly payments and potentially save you thousands of dollars per year, the results of such refinancing may result in higher total finance charges over the life of the loan. If you are considering a jumbo refinance to consolidate debt, replace a home-equity loan, shorten the length of a loan or convert an expired adjustable-rate mortgage to a fixed-rate loan, call MortgageRight!