Jumbo Home Mortgage Loans
You can call our mortgage
brokers toll free at 808-357-5326
or appy online. Our licensed mortgage brokers
will get you the best rate on an Indian Jumbo Mortgage loan on your
next home. There is no obligation.
- We are the
Indiana luxury home specialists!
up to 4 million dollars.
purchase, refinance or refinance with cash-out O.K.
- 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 (also
called "Alt-A" or "non-conforming loans") are
categorized as loans in excess of $322,700.00 for single-family
residences. If you have found your dream home, but it is more than
the limit for conventional financing, do not worry. We have what
it takes to secure loans for up to 4 million dollars. We understand
the type of investment involved with these homes and our professional
approach will make the lending process a breeze. We do not give
up until we have found the perfect lender for your needs. You always
come out on top when you have 50+ lenders compete for your business.
With current interest
rates, now is a great time to refinance
your current jumbo loan. The
refinancing process is very simple. It involves paying off your
existing mortgage loan and taking out a new one on the same house.
Your new mortgage loan could be at a more attractive interest rate,
for a different term, or you could get an entirely different type
of loan. — For example, you could switch from an adjustable-rate
mortgage (ARM) to a fixed-rate mortgage.
The interest rate on
our Indiana 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 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. 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.
So, what does this mean
to the home buyer?
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.