Jumbo Home Loan Programs

You may have heard the term "jumbo mortgage" before. It describes any loan above the conforming loan amount of $417,000. For example, if you have an outstanding balance on your home of $515,000, you will be in the market for a jumbo loan refinance (Note: Through Dec. 31, 2008, conforming loan limits have been raised to $729,750 in certain areas. Contact us for more info).

A jumbo home loan, more or less, has the same loan program options as ones on the conventional market. Your credit score, equity in your home, down payment, income, ability to document income and other factors will all play a big part in the jumbo mortgage rate you can qualify for.

30 year fixed jumbo mortgage

Our rates for a 30 year fixed jumbo mortage are among the best in the industry. This is often the most popular loan and we think it's important borrowers have a low jumbo loan rate option that is fixed for 30 years.

15 year fixed jumbo mortgage

This is a shorter term option for those who want a fixed term mortgage for the life of the loan. It's probably the least common of any program we discuss here, but certainly can be the perfect jumbo mortgage for the right person.

5/1 ARM jumbo mortgage

This can be a really good option for a lot of borrowers. The loan is fixed for 5 years and then adjusts to market conditions thereafter. A lot of borrowers don't need anything fixed beyond five years because they wil refinance or move. You can save a lot of money with this type of loan.

7/1 ARM jumbo mortgage

You can probably guess the difference between this loan program and the previous example. a 7/1 ARM is fixed for seven years before it adjusts. This is a great option to get a lower jumbo loan rate but with a little bit more time before the first adjustment.

10/1 ARM jumbo mortgage

Like the two before it, this is an adjustable rate. 10 years is often a bit longer than most need. We find the 5/1 and 7/1 ARM jumbo mortgage to be better options, but if it fits your situation, it could be just the right loan.

Super jumbo loan

A super jumbo loan deals with even higher loan amounts than that of most jumbo loans. Often times, loans $1 million and above are considered a super jumbo mortgage. This isn't really a hard and fast cutoff as some jumbo loans go up to $1.5 million or even higher, but it's a pretty good rule of thumb. We don't post our super jumbo loan rates as actively as the other programs, so please contact us and we can give you a quote.

Interest-only options

Just about any program can come with interest-only as an option. What it does is allow you to pay just the interest on the loan for a set number of years. For instance you could get an interest-only jumbo loan that is fixed for 30 years, but only requires interest-only payments for the first ten. Generally, this will require a slightly higher rate, but ask us and we can find the right terms for you.

*All posted rates are based on certain criteria that a borrower must meet to qualify. Your situation will dicate the actual rate you are eligible for. To obtain an accurate quote that fits your situation, please fill out the quote request form or call us during business hours. Conforming APRs are calculated based on $400,000 loan amount, Jumbo APRs are based on $500,000 loan amounts.
**Conforming loans are defined as $417,000 and below. Jumbo loans have loan amounts above $417,000. The maximum loan amount on a jumbo varies.
***APRs on adjustable rate mortgages are calculated based on the fixed portion of the loan only.

30yr Fixed Conf
Rate	APR
4.000%	4.176%

5/1 ARM Conf
Rate	APR
3.000%	3.159%
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