Are you in the market for that "once in a life time" dream house? Does your dream translate into a loan that's larger than the Fannie Mae "conforming" loan limit ($1,089,300)? If you can make a large down payment and pay all your closing costs up front, you will get a lower rate by staying below this limit. However, if your financing needs are greater, a Jumbo loan may be the right choice.
Use the Loan Consultant to find the right Jumbo loan and get quotes on current interest rates and closing costs.
Or, select the specific Jumbo loan program that interests you to learn more about our various loan programs.
Jumbo 30 Year Fixed
| Best Choice If:You plan on staying in the home long-term.
You need your monthly payments to remain fixed over the life of the loan.
| Advantages:Level principal and interest payments for the full term of the loan.
Allows for higher loan amount qualification and enhanced buying power.
No risk that changing market conditions will increase your monthly payments.
| Disadvantages:Benefits of the fixed rate are not realized until after the 10th year. (10/1 ARM is a better option if loan is paid-off within 10 years.)
|
Jumbo 15 Year Fixed
| Best Choice If:You plan on staying in the home long-term.
You need your monthly payments to remain fixed over the life of the loan.
You would like to pay-off the loan balance quickly.
| Advantages:Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments.
The loan balance will decrease more rapidly than a 30 Year mortgage.
| Disadvantages:Monthly payments are higher than a 30-year mortgage
|
Jumbo 3/1 Year ARM
| Best Choice If:You want a loan with: Higher available loan amounts
Very low initial payments
Some of the benefits of both a Fixed and ARM product.
Payments that adjust up and down with market movements.
| Advantages:Interest rate does not adjust for the first 3 years. Adjusts annually thereafter
Allows for higher loan amount qualification and enhanced buying power.
| Disadvantages:Jumbo product interest rates are typically higher than standard ARM products.
Interest rate can rise above the current fixed rates over time.
|
Jumbo 5/1 Year ARM
| Best Choice If:You want a loan with: Higher available loan amounts
Very low initial payments
Some of the benefits of both a Fixed and ARM product.
| Advantages:Interest rate does not adjust for the first 5 years. Adjusts annually thereafter
Allows for higher loan amount qualification and enhanced buying power.
| Disadvantages:Interest rate and monthly payments will adjust in the future.
Interest rate can rise above the current fixed rates over time.
|
Jumbo 7/1 Year ARM
| Best Choice If:You want a loan with: Higher available loan amounts
Low initial payments
Some of the benefits of both a Fixed and ARM product.
| Advantages:Interest rate does not adjust for the first 7 years. Adjusts annually thereafter
Allows for higher loan amount qualification and enhanced buying power. | Disadvantages:Interest rate and monthly payments will adjust in the future.
Interest rate can rise above the current fixed rates over time.
|
Jumbo 10/1 Year ARM
| Best Choice If:You want a loan with: Higher available loan amounts
Low initial payments
Some of the benefits of both a Fixed and ARM product.
| Advantages:Interest rate does not change for the first 10 years. Adjusts annually thereafter
Allows for higher loan amount qualification and enhanced buying power. | Disadvantages:Jumbo product interest rates are typically higher than standard ARM products.
Interest rate can rise above the current fixed rates over time.
|
