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Jumbo Loans
Jumbo Mortgage Loans Are Our Business!
Finding the right JUMBO loan is never as easy as just finding a local lender. With hundreds of JUMBO mortgage products are available, we can help you get the mortgage that is right for you. To learn more about the products available and current interest rates in today's jumbo loan marketplace, Simply complete the "Free Loan Quote". Our Jumbo loan specialists will provide you with programs, rates and offers.
Apply online to obtain a prompt free quote from 5 Top Lenders.
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NOTE: 10% of our net income goes to St Ann's Mission Catholic Church in Naranja, FL
Jumbo Loans - All Articles
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Jumbo Loan Overview
Jumbo loans are a mortgage with a loan amount above conventional mortgage limits. Jumbo Mortgages take affect when the agency Fannie Mae (FNMA) and Freddie Mac loan limits don't cover the full amount to be borrowed. Fannie Mae and Freddie Mac are private organizations that purchase the majority of mortgages in the country. A limit is set on the maximum dollar value of any mortgage which they will purchase from a lender. As of now, the current limit is $333,700. This leaves a large gap for people looking to borrow above conventional loan limits. Large private investors such as insurance companies and securities fill the void by purchasing large loan notes as secure investment. Generally speaking jumbo loan rates are slightly higher than conforming loan interest rates since there is a greater risk involved for the investor. Contrary to popular belief FHA does not offer jumbo loans. To see FHA loan limits click here.
All of us at Quintal Mortgage are dedicated to helping new and existing homeowners achieve the best mortgage solutions for people whom seek large loan amounts that fall within the jumbo category. By providing unbiased information on loans and current mortgage interest rate , we are glad to provide you with these resources.
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What is a Jumbo Loan or a Jumbo Mortgage?
Quite simply it is a loan that does not conform to the guidelines established by Fannie Mae or Freddie Mac or exceeds the conventional loan limit is called a Jumbo mortgage loan. In most states, home loans that exceed $417,00 to $1,000,000 are considered Jumbo Mortgages. Jumbo Mortgages carry slightly higher interest rates than conventional home loans. This is because when any loan is sold to an investor it is packaged in bundles of several million dollars. For example an investor might purchase a loan bundle that is valued at 3 million dollars. In that bundle, lets say that there are 12 mortgages for $250,000.00 each. If one of those loans defaults, the default ratio would be 1 out of 12.
When a jumbo loan bundle is sold, that 3 million dollar bundle may only contain 4-5 loans. In this case if one of those loans defaults the ratio increase to 1 out of 4. Hence the risk is greater for the investor. The greater the risk, the higher the rate.
Super Jumbo Mortgage
A loan amount over $1 Million is classified as a "super jumbo" loan. Most lenders do not offer residential mortgage financing for Super Jumbo loans, and some lenders only do Super Jumbo loans. As with a jumbo loan, documentation requirements, interest rates, and review processes are generally different and more demanding on super jumbo loans than "conforming" loans, due to the amount of money involved. This type of loan does usually require excellent credit.
Finding the Right Jumbo Lender!
We will helps you to attain the perfect loan for your specific needs by distributing your request to up to 3 different Jumbo Loan Specialists to shop the market for the perfect Jumbo or Super Jumbo Home Loan for you.
Our Lenders are among the nation’s top and most experienced Jumbo Mortgage lenders and are able to offer a variety of Jumbo loan mortgage programs for borrowers interested in both fixed and adjustable rate loan terms.
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Jumbo Loan Limits
(1998 Thru 2006)
 As with the growth of the housing market, the average median price of homes increase steadily throughout most of the United States. A home that would have been considered conventional just a few years ago now demands a higher price. Jumbo loans adjust their limits regularly to meet the demand of rising housing prices.
Jumbo loan limits are loan amounts that are above the loan amounts listed below.
| Jumbo Loan Limit: |
2006 |
2005 |
2004 |
2003 |
2002 |
| One-family |
$417,000 |
$359,650 |
$333,700 |
$322,700 |
$300,700 |
| Two-family |
$533,850 |
$460,400 |
$427,150 |
$413,100 |
$384,900 |
| Three-family |
$645,300 |
$556,500 |
$516,300 |
$499,300 |
$465,200 |
| Four-family |
$801,950 |
$691,600 |
$641,650 |
$620,500 |
$578,150 |
| For properties in Alaska, Hawaii, Guam, and the U.S. Virgin Islands, the limits are 50 percent higher. |
|
| Jumbo Loan Limit: |
|
2001 |
2000 |
1999 |
1998 |
| One-family |
|
$275,000 |
$252,700 |
$240,000 |
$227,150 |
| Two-family |
|
$351,950 |
$323,400 |
$307,100 |
$290,650 |
| Three-family |
|
$425,400 |
$390,900 |
$371,200 |
$351,300 |
| Four-family |
|
$528,700 |
$485,800 |
$461,350 |
$436,600 |
Why do you need to know this?
Once you know your loan is classified as Jumbo or Super Jumbo, you need to ask different questions. From the first conversation you have with your lender, you need to make certain that he or she knows you need a jumbo or super jumbo loan. You need to be prepared for having at least two appraisals on the property, and potentially providing more documentation than other loan programs. You need to make certain that your lender has the proper resources to offer you competitive jumbo and super jumbo financing.
Do you want a lender who is inexperienced in working with jumbo and super jumbo loans? Do you want to risk your time and investment? We will connect you with the right jumbo lenders who can provide a variety of products for many different classifications of borrower.
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Purchase A Home With A Jumbo Loan
If you are looking to purchase a home in an area with high housing cost such as California, New York, New Jersey, Hawaii, ect.
You should become accustomed to financing a home with a jumbo mortgage.
Within the past few years mortgage interest rates have dipped to levels that make affording more home a reality. Since you are working with a higher loan amount, the effect of having a small difference in interest rate can dramatically affect your monthly mortgage payment compared to a home that is worth $100,000.
Lets look at an example.
The difference in a 1% interest rate on a $400,000 from 6% to 7% is $263.00 compared to $65 on a $100,00 loan amount.
What do I need To Do?
Get A Pre-approval Letter
Before you do anything you will want to get a pre-approval letter from a reputable mortgage company. By getting pre-approval, you show the buyer as well as the real estate agent that you have the purchasing power and you are serious about buying a home. Most of the time a realtor will only show you homes when you have received pre-qualification. When speaking with your mortgage company, let them know your intentions to obtain approval.
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Refinance Your Jumbo Mortgage
Since 2001 mortgage interest rates have lowered dramatically. What was considered a great rate 10 years ago is now almost double what a great rate is today. People refinance for many reasons and some more popular than others.
Whether you want to lower your interest rate, reduce your monthly payment, consolidate debt or just receive cash for any purpose, Refinancing your mortgage can be a quick and easy process, sometimes taking only a week or two.
Here are a few terms you should familiarize yourself with. Understanding your mortgage is key to a quick and easy refinance.
What is APR?
Scenario - You speak to a mortgage company and you settle on a 4% interest rate. A few days later you receive your loan documents in the mail and to your surprise the APR is 4.625%. Why is the APR 4.625%
What Happened - APR or Annual Percentage Rate is not your loan interest rate. APR is a calculation expressed as a percentage that represents the true cost of the loan. To calculate your APR deduct your closing cost from the loan amount and using a mortgage calculator calculate what tour interest rate would be with the new loan amount and your mortgage payment.
Another good example is auto loans. Lets say a dealer advertises 1% APR. In actuality the loan is interest free but the 1% APR represents the cost of the loan.
What is LTV or Loan To Value
LTV is a term used to show the ratio between the value of the home to the amount you will borrow. Lets say you have a home that is appraised at $100,000.00. You want to borrow $80,000. Divide 80,000 by 100,000, You will get .8 or 80% LTV.
What is DTI or Debt to Income Ratio
DTI is also a ratio that shows your future debt compared to your income.
If your mortgage payment and all reoccurring monthly debt equals $1000 and you make $2000 a month gross, your DTI would be 50%.
Quintal Mortgage is committed in helping you through the refinance process while explaining your loan in every detail so there are never any surprises.
How Do I Get Started
Simply complete the secure online form and a Quintal Mortgage's representative will contact you when it is convenient to you.
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Current Jumbo Loan Interest Rates
|
Todays Mortgage Rates |
| Program |
Rate |
Points |
| 30 Yr. Fixed |
5.875 |
0.866 |
| 15 Yr. Fixed |
5.750 |
0.000 |
| 10 Yr. Fixed |
5.750 |
0.000 |
| 1 Yr. ARM |
6.375 |
0.000 |
| 3/1 Arm |
5.625 |
0.000 |
| 5/1 ARM |
5.750 |
0.000 |
| 7/1 ARM |
5.500 |
1.000 |
|
Wednesday, March 19 2008 |
Jumbo Mortgage Loan Programs
There are dozens of programs available for jumbo loans, listed below is just a small sample of what options you have when deciding on a loan program. You loan consultant will help you decide which is the best solution for your lending needs.
· 100% Financing
· Rate and Term Refinance
· Construction Loans
· Second Homes
· No Income/ No Asset Verification Loans
· Investment Property Loans
· Debt Consolidation
· Home Improvement Loans
· Unlimited Cash Out
· Option Payment Loans
· Damaged Credit
100% Financing - A mortgage that will cover 100% of the home value or the purchase price. Used for people who lack a down payment or current homeowners who need to borrow up to 100% of the value of their home.
Rate and Term - A rate and term refinance is when you refinance your mortgage for a better interest rate than your current rate. You may or may not reduce the term of your mortgage.
Construction loans - These loans are Primarily used for building a new home from the ground up. Small home improvements do not need a construction loan.
No Income/ No Asset Verification Loans - Widely used for people whom are self employed or who have difficultly proving their income. These loans do not require income documents. Good credit is required.
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Interest Only Jumbo Mortgages
An Interest Only Jumbo allows a borrower to pay only the interest due on the monthly mortgage payment. For example a $400,000 loan amount with an interest rate of 7.5%, the regular monthly principal and interest payment would be $2796.85. With an Interest Only Mortgage, with the same scenario as above, the monthly payment due would be $2500.00. This is only the interest due on the loan. The principal is never paid down.
What are the benefits of the Interest Only Mortgage?
It allows a borrower to qualify for more home. The borrower qualifies for the mortgage based on the interest only payment. This type of loan is appealing to the homeowner who wants to make the lowest payments possible on their home as a short term solution to a tight cash situation or wants to use all available cash for some other project. With a property that is appreciating in value the owner could have a substantial increase in equity even though the mortgage principal has not been reduced.
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Fixed Rate Jumbo Loan
The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable. Fixed-rate mortgages are available for 30 years, 25 years, 20 years, 15 years and even 10 years.
With a Fixed-Rate Loan, you’ll have one interest rate for the life of the loan. This means your payment will always stay the same, even if interest rates go up.
Granted fixed loans are the most popular and most stable when rates are concerned but are they the right loan for you. Lets take a look at a scenario where a fixed rate mortgage is NOT the borrowers best choice.
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Adjustable Rate Jumbo loans
A great option that provides a lower interest rate and allows greater purchasing power. An adjustable rate mortgage, otherwise known as an 'ARM' is a mortgage program that has a low interest rate that can adjust up or down depending on current interest rate.
Some reasons why people may choose an adjustable rate mortgage.
1. Want to qualify for a larger home when purchasing.
2. Don't anticipate staying in the home for a long period of time.
3. Plan on refinancing your mortgage in the future.
4. Anticipate an increase in income within the future.
5. Don't believe that rates will rise for a while or stay the same.
The Margin:
Let's say Jimmy and Lisa purchase a home with a 3/1 arm. For the first 3 years their interest rate is 4.75%. On the fourth year interest rates increase to 8.5% due to economic problems. Jimmy and Lisa are on set salary cant afford a mortgage at 8.5%.
When they purchased their loan, their was a margin on that rate, the margin being 1.25%. To Jimmy and Lisa's surprise their rate had only increase to 6.25%. Of course this was a lot more manageable.
So what to say that the rate wont increase to %8.5 over the next few years. Unlike professional sports players, there is a cap. If your cap is 3% then no matter what interest rates do, it could never exceed 3% above your initial rate. There is a great publication that is supposed to be handed out to borrowers who select an adjustable rate mortgage. It is in PDF format so you might need Adobe acrobat reader to view it, You can get that here.
Adjustable rate mortgage guide
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No Money Down Jumbo Mortgage Programs
Many potential home buyers never take the first step in home ownership because they lack the money for a down payment. We realize that many potential home owners have no problem making their monthly rent or mortgage payment and simply lack the resources for a sizable down payment.
If you are looking for a no down payment jumbo loan, We allow a borrower to finance 100% of the purchase price. And even allow the seller to contribute toward the closing costs. So this makes it easier for potential home buyers to get into their dream homes without having to empty their bank accounts and savings. These programs are not only available to first time home buyers but every type of borrower--even if you have credit issues!
Don't forget to ask you mortgage consultant about these programs: 80-10-10, 80-20, 100%, maximum sellers concession and more. You loan consultant will guide you through all your choice in order to find a scenario that will benefit you when purchasing a home with no money down. To get started complete the small form below.
Damaged Credit Jumbo Loans
Many Americans experience credit difficulties at some point in their lives. Changing job markets and economies can create unstable working environments and unemployment. Unexpected bills and emergencies can happen to anyone at anytime. It is nothing to be ashamed of.
We help people every day who may have imperfect credit due to one or more of the following scenarios:
* Slow Credit
* Charge offs
* Late Payments
* Judgments
* Divorces
* Bankruptcies
* Credit Counseling
* Medical Collections
* Too Many Accounts
Rest assured that we understand that often times bad credit happens to good people. We can help you get back on track. Your loan officer will not treat you poorly because your credit may not be perfect, and we won't increase your fees just because you might have a less than perfect credit history.
We can't promise to be able to help every borrower, but we will always try. No matter what your situation, your loan officer will put your interests first and work hard to make your situation better. Whether you want to purchase or refinance, we will do our best and can usually help.
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Today's Rates:
| 30-yr Fixed | 4.97% | 5.13% | | 15-yr Fixed | 4.33% | 4.56% | | 1-yr Adj | 4.27% | 5.3% |
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