The interest
rate on our Tennessee 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!
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.
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.
Jumbo mortgages
are generally categorized as loans in excess of $322,700.00
for single-family residences
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.
In many
cases , borrowers can maximize their cash flow by
making fixed rate interest only payments during the
first five years of the 30 year jumbo loan. By freeing
up their funds this loan program allows borrowers
to direct their savings to short term investments
or other interests. This can add up to substantial
monthly savings and increased purchasing power.
Cash Out
for Home Improvements or Debt Consolidation, etc.
Loan amounts
range from $288,000-$2,000,000.
Fixed Rate
- Fixed rate mortgage in a variety of terms up to
$2,000,000 loan amount.
One Year
Treasury ARM - One year adjustable rate mortgage that
adjusts annually for loan amounts to $3,000,000.
3/1 Treasury
ARM - for amounts to $2,000,000 that has a fixed rate
for the first three years and adjusts annually afterward.
5/1 Treasury
ARM - for amounts to $2,000,000 that has a fixed rate
for the first five years and adjusts annually afterward.
7/1 Treasury
ARM - for amounts to $2,000,000 that has a fixed rate
for the first seven years and adjusts annually afterward.
CALL
US TOLL FREE TO START YOUR LOAN APPLICATION TODAY!
858-234-9116
