California Jumbo Home Mortgage Loans
You can call our mortgage brokers toll free at 888-694-0455
or appy online. Our licensed mortgage brokers will get you the best
rate on a California jumbo loan for your luxury home. There is no
obligation.
* Available up to 4 million dollars.
* Construction, purchase, refinance or refinance with cash-out O.K.
* We are the California luxury home specialists!
Programs range from "Interest Only" Libor Loans to Fixed
Rate Mortgages. Each product has a unique advantage to the homeowner
so every option should be given the necessary time for analysis.
Jumbo mortgages are categorized as loans in excess of $322,700.00
for single-family residences
The interest rate on our Jumbo Mortgages are nearly as low as our
conventional Mortgages. Another way to get the best rate is to consider
an Adjustable Rate Jumbo Mortgage. These are frequently much lower,
depending on short term rates. Jumbo Mortgages are our specialty!
Home loans are classified in a wide variety of ways. They can be
classified by the amount loaned, whether the interest rate can be
adjusted or not, the length of the payback period and so on. A fairly
common and simple term to understand is the jumbo loan.
A jumbo loan, is a loan that exceeds the maximum dollar amount
guidelines set by FANNIE MAE, for a single family loan limit. Effective
January 1st, 2005, this limit is $359,650 in all states except AK
and HI. The limit is $539,475 in AK and HI. Most lenders use the
Fannie may guide when underwriting loans over these set limits.
A jumbo loan is simply a mortgage in excess of the amounts set
by government backed agencies that buy or guarantee loans. Companies
such as Freddie Mac, Fannie Mae, HUD, etc. will guarantee the purchase
of a loan from a lender if certain conditions are met. A discussion
of those conditions is beyond this article, but one of them is the
amount being borrowed. Depending on the agency in question. If the
amount you are borrowing is less than this amount, then it is known
as a conforming loan. If you need to borrow more, the loan is known
as a non-conforming loan or "jumbo" loan.
Given the higher risk from the perspective of the lender, you can
expect to be treated a bit differently. In this case, lenders are
going to charge higher interest rates than you would be able to
get with a conforming loan. Before you panic, keep in mind we are
talking about a quarter of a point in interest. For example, a conforming
loan for $300,000 may have an interest rate of 5.5 percent whereas
the same borrower will have to pay 5.75 percent if they borrow $800,000
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