Jumbo Mortgage Loans
Previously a Jumbo Mortgage Loan having a fixed interest rate was nearly impossible to find. With the improving home market and the surge in sales over $417,000 the fixed interest mortgage rates for Jumbo Loans have returned. These rates are quite attractive.
When home values and sales dropped, many lenders ceased offering Jumbo Loans. There were some lenders that offered these loans but only with an adjustable rate. The loan could be fixed for 1, 3, 5, or 7 years but then fluctuate after that. Now that the overall mortgage market has improved, this makes it possible for lenders to offer the fixed rate loans.
People that had purchased a home within the last 3 years using an adjustable rate loan should take advantage of the low rates currently offered for a fixed rate loan.
Whether buying or refinancing, the improved stability of the mortgage market is a good thing for the Jumbo Loan crowd and beyond. These loans are usually utilized by people who either start their own company or are currently self-employed. More stability for their personal finances will free up time, energy, and money to put back in to their business. This type of investment normally results in a few more jobs and better innovation in the marketplace, making a win-win for us all.