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Jumbo Loans & Jumbo Mortgage Loans
Jumbo loans, also called non-conforming loans, are jumbo mortgages with loan amounts greater than the conforming loan limit. The conforming loan limit is set every January. The current conforming loan limit is $417,000.
In some real estate markets, a house in the $400,000 range is little more than a starter home. So why is it that a home loan in the mid $400's is considered a Jumbo Loan.
Good question. While the rest of us may see the term "jumbo" as relative, Fannie Mae and Freddie Mac, FHA Loans, three government sponsored mortgage entities, have definite opinions. Each year, a new "conforming mortgage jumbo loan limit" is published by these organizations.
What is the Conforming Loan Limit?
The conforming loan limit is the maximum loan size eligible for purchase by either Fannie Mae or Freddie Mac, who purchase the underlying securities from jumbo mortgage originators. Those funds are then reinvested in new jumbo mortgage loans, and the flow-of-funds cycle continues.
The conforming loan limit, or "Jumbo Loan amount" is set every January. The 2008 limit for single-family homes and condominiums is $417,000. Jumbo Loans conforming loan limit has also been raised to $417,000.
When a Loan Becomes a Jumbo Mortgage Loan
When a loan amount is higher than the conforming limit, it becomes a Jumbo Loan, or non-conforming loan, with slightly higher interest rates .
Jumbo Loans, compared with historically low mortgage rates, can bring greater flexibility for some home buyers to purchase the house they want and make the payment they want.
Jumbo Loans & Jumbo Mortgages
From Wikipedia, the free encyclopedia
In the USA, a jumbo mortgage is a jumbo loan with a loan amount above the industry-standard definition of conventional conforming loan limits. This standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac. Loans above the conforming limits may be offered by seller servicers of these wholesale institutions, as well as Wall Street conduits who provide warehouse financing for jumbo mortgage lenders. The loan amounts reflect average jumbo loan sizes nationwide. Jumbo mortgages apply when agency jumbo loan limits don't cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of residential mortgages in the U.S. They set a limit on the maximum dollar value of any mortgage they will purchase from an individual lender. Jumbo limit is $417,000, or $625,500 in Alaska, Hawaii, Guam, and the U.S. Virgin Islands. Other large investors, such as jumbo loan lenders, step in to fill the need, with maximum mortgage amounts going to the $1 million or $2 million range. A loan in excess of $650,000 is referred to as a super jumbo mortgage. The average interest rates on jumbo mortgages are typically greater than is normal for conforming mortgages, and vary depending on property types and mortgage amount.
On February 13, 2008 President Bush signed an economic stimulus package that temporarily increases the conforming limit to $729,750 until December 31, 2008. The limit for any area would be the greater of (1) the 2008 conforming loan limit ($417,000); or (2) 125% of the area median house price, but no more than 175% of the 2008 conforming loan limit ($729,750, which is 175% of $417,000)
JUMBO LOANS
Jumbo mortgage loans are a higher risk for lenders. This is because if a jumbo mortgage loan defaults, it is harder to sell a luxury residence quickly for full price. Luxury prices are more vulnerable to market highs and lows. That is one reason lenders prefer to have a higher down payment from jumbo loan seekers. Jumbo home prices can be more subjective and not as easily sold to a mainstream borrower, therefore many lenders may require two appraisals on a jumbo mortgage loan.
The interest rate charged on jumbo mortgage loans is generally higher than a loan that is conforming, due to the slightly higher risk to the lender. The spread, or difference between the two rates, depends on the current market price of risk. While typically the spread fluctuates between 0.25 and 0.5%, at times of high investor anxiety, such as August of 2007, it can exceed a full percentage point.
JUMBO LOAN OPTIONSJumbo mortgage loan options are similar to traditional loan programs. They simply require a slightly higher down payment, usually of an additional 5% for similar program types. No-money-down programs are generally not available, but instead require a minimum of 5% down payment for a jumbo mortgage. Because the loans are large, jumbo lenders frequently offer variable loan programs to the jumbo client. The risk of an interest rate increase can result in a large dollar amount increase.
It can be more expensive to refinance a jumbo loan due to the closing costs. Some lenders will offer the service of an extension and consolidation agreement, so that a jumbo refinancer will not have to pay for mortgage tax again on the same principal balance. In other cases, title insurance companies will offer up to a 50% discount, often required by law for those refinancing within 1 year to 10 years. The largest discount is for refinancing within one year.
Some consumers seeking a jumbo mortgage choose to seek advice from a competent professional familiar with jumbo mortgage loans.
Jumbo Loan TrendsDue to increased housing prices, there is a large increase in the number of jumbo loan applicants. Many consumers are becoming jumbo borrowers when buying a modest ranch or Cape Cod house; this option is no longer limited to high-end luxury residences.
New loan programs are now offered to address the large increase in jumbo loan applications. Because of the steep price increases during the recent years (2000-2006), mortgage loans are required in excess of the conforming limits in most big-city areas or their surrounding suburbs. The new loans are either a 40- or even 50-year amortization, or an interest-only option. They allow the jumbo loan borrower to pay the loan back over a longer period of time, or to defer any repayment of principal for a few years saving them on their jumbo loan monthly payment. In some cases, the jumbo lender makes a larger profit if the loan takes more than 30 years to repay.
Popular Jumbo Loan Programs Avoid Costly Private Mortgage Insurance ("PMI")
80/20 & 80/15 jumbo loan programs are very popular with new home purchasers. Because any borrower with less than a twenty percent down payment was previously subject to purchasing private mortgage insurance (PMI) to insure the lender for the higher risk, jumbo borrowers were previously paying a very large PMI fee on a loan with an LTV (loan-to-value ratio) higher than 80%.
Now, the jumbo borrower can borrow the 80% without PMI, and take a second mortgage at a slightly higher jumbo loan interest rate, which does not require PMI, and hedges the risk of the first position lender at the lower interest rate.
However with recent foreclosures on the rise lenders have turned away from 80/20 jumbo loans and very few zero down loans are available both for jumbo and conforming loans. Many jumbo lenders are offering LPMI (Lender Paid Mortgage Insurance) options that build the PMI into the interest rate. So by taking a slightly higher interest rate the borrower can avoid PMI altogether even if they are only putting 5-15% down payment. This will effectively reduce the monthly payment for the short term - but overall the higher rate may not be the best option because many times the standard PMI can be dropped after the homeowner has over 20% in equity. We also offer higher jumbo loan to value with lender paid mortgage insurance please call us about our jumbo loan programs.
Welcome to Jumbo loans specializing in jumbo loans, helping borrowers find the right jumbo loan program and jumbo mortgage lenders that specialize in jumbo loans.
Jumbo Loans
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Any loan amount above the conforming loan limit is considered a Jumbo loan. Currently the conforming loan limit is $333,700 for a single-family home. Jumbo loans typically have slightly higher interest rates than loans of a lesser value, this is because lenders generally have a higher risk on these Jumbo loans than conforming loans as well as some additional jumbo underwriting restrictions and higher a Origination fee. Jumbo loans are also known as non-conforming loans. They do not conform to the guidelines set out by Fannie Mae and Freddie Mac for conventional loans. Jumbo loans are ideal for those who want flexible rates and terms on a higher loan balance. INTERESTED IN A CONVENTIONAL LOAN - A conventional loan is a loan that is not an FHA or a VA loan. A conventional loan generally required 10% to 20% down, and anything less than 20% down generally is required to have private mortgage insurance or PMI. Learn More about Conventional Mortgages Loans. |
Low Fixed Rate Jumbo Loans - We offer the best rate for Jumbo Loans. Our Jumbo Loan Service is outstanding. We want to close your Jumbo Mortgage Loan Today.
JUMBO LOANS ARTICLE OVERVIEW:
Jumbo LoansJumbo loans, are mortgages with loan amounts greater than $10 Million Our Jumbo Loans go to $30 Million some cases to $50 Million.
In some real estate markets, a house in the $10 Million range is little more payment that's why we suggest Interest Only Jumbo than a starter home. Jumbo Mortgage Loan?
Good question. While the rest of us may see the term "jumbo" as relative, Fannie Mae and Freddie Mac, two government sponsored mortgage entities, have definite opinions. Each year, a new "conforming loan limit" is published by these organizations.
What is the Conforming Loan Limit?
The conforming loan limit is the maximum loan size eligible for purchase by either Fannie Mae or Freddie Mac, who purchase the underlying securities from mortgage originators. Those funds are then reinvested in new mortgages, and the flow-of-funds cycle continues.
The conforming loan limit, or "Jumbo Loan amount" is set every January. The 2006 limit for single-family homes and condominiums is $417,000. Mortgage Loans conforming loan limit has also been raised to $417,000.
When a Loan Becomes a Jumbo Mortgage Loan
The maximum jumbo loan amount is 50 percent higher in Alaska, Guam, Hawaii, and the Virgin Islands. Properties with five or more units are considered commercial properties and are handled under different rules.
The 2006 jumbo loan limit for second mortgages is $20 Million (in Alaska, Guam, Hawaii, and the Virgin Islands, the maximum second loan amount is $10 Million). The sum of the original jumbo loan amounts of the first and second mortgages cannot exceed $417,000 (or $625,500 in Alaska, Guam, Hawaii, and the Virgin Islands).
Jumbo Loans
Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as 'jumbo' loans. Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than conforming, but the spread between the two varies with the economy.
If you are looking for a jumbo loan and need more information or advice, we invite you to take advantage of our database of the most competitive jumbo lenders available. Just complete a jumbo mortgage loan application and the best lenders in your local area will contact you with their low jumbo rate.
Bad Credit Jumbo Loans
Jumbo oans that do not meet the borrower credit requirements of Fannie Mae and Freddie Mac are called 'B', 'C' and 'D' paper loans vs. 'A' paper conforming loans. B/C loans are offered to borrowers that may have recently filed for bankruptcy, foreclosure, or have had late payments on their credit reports. Their purpose is to offer temporary financing to these applicants until they can qualify for conforming "A" financing. The jumbo interest rates and programs vary, based upon many factors of the borrower's financial situation and credit history.
- Jumbo Loan examples:
Jumbo Fixed Rate Mortgages
With Jumbo fixed rate mortgage (FRM) loan the interest rate and your mortgage monthly payments remain fixed for the period of the loan. Jumbo Fixed-rate mortgages are available for 40, 30, 25, 20, 15 years and 10 years. Generally, the shorter the term of a loan, the lower the interest rate you could get.
The most popular jumbo mortgage terms are 30 and 15 years. With the traditional 30-year fixed rate mortgage your monthly payments are lower than they would be on a shorter term loan. But if you can afford higher monthly payments a 15-year jumbo fixed-rate mortgage allows you to repay your loan twice as faster and save more than half the total interest costs of a Jumbo 30-year loan.
Jumbo Mortgage Loans
Jumbo home loans are those above $417,000 fall into several jumbo categories:
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Conforming Loans vs. Jumbo Loans
The conforming limit is a jumbo mortgage amount set by Congress and is the maximum loan size eligible for purchase by either Fannie Mae or Freddie Mac, two Federally chartered jumbo loan organizations who purchase the underlying securities from mortgage originators. Those funds are reinvested in new mortgages completing the flow of jumbo funds cycle.
The current conforming limit is set at $417,000. Any jumbo loan amount above that figure is considered a Jumbo mortgage loan and is often subject to an interest rate pricing premium as well as to some additional underwriting restrictions. A common strategy to lower overall interest costs if your purchase or refinance balance is above $417,000 is to use a combination of both first and second trust money, referred to as an 80/10/10 or 80/15/5. Every situation is different, but it is one more option to consider.
Many borrowers are converting from fully loan amortizing payments to an interest only approach with a significantly lower monthly payment. I have some extensive information available on Interest Only Jumbo Loans. Read more to see if this powerful tool could work for you.
We offer you the ability to qualify and close into several unique programs which accommodate borrowers with non traditional income or asset situations. Please visit my Jumbo No Doc Loans page.
How to calculate your Jumbo mortgage loans qualification ratios.
Prequalify for your Jumbo Mortgage Loan.
Jumbo Mortgage Loans
Eagle Jumbo Mortgage & Loan Corporation offers residential Jumbo and Jumbo mortgage loan products for qualified high income home buyers. These programs cover the full range of options from Stated Income, No Documentation, NINA and Full Documentation jumbo mortgage loan programs for loan amounts up to $25M with very competitive rates and terms.
Home Buyer and Refinance Products Include:
- 30 Year Fixed Rate Jumbo Mortgages
- 20 Year Fixed Rate Jumbo Mortgages
- 15 & 10 Year Fixed Rate Jumbo Mortgage
- Interest Only Programs
- State Income Jumbo Mortgage
- No Income No Asset Jumbo Mortgages
- No Ratio Jumbo Mortgage Loans
- No Documentation (No Doc) Jumbo Mortgage
- Adjustable Rate Jumbo Mortgage:
- 1/1, 3/1, 5/1 and 7/1 Jumbo ARM Products
Ask a Jumbo Loan expert: Refinancing a jumbo loan
Q: I understand lenders charge lower rates for “conforming” mortgages than they do for “jumbo” mortgages. When are mortgages considered jumbo? And is it a good idea to refinance an old jumbo loan if it would now qualify as conforming?
A: A mortgage is considered jumbo when it exceeds the conforming limit set by Fannie Mae and Freddie Mac, the federally chartered companies that provide funding to retail mortgage lenders. The limit is adjusted annually based on average house prices. For 2006, it’s been raised to $417,000 for single-family homes in the continental U.S. (The limit is 50 percent higher in Alaska, Hawaii, Guam and the U.S. Virgin Islands.) If the increase has caused your loan to now qualify as conforming, you may indeed benefit from refinancing.
California Jumbo Loans services include jumbo loans, fixed rate jumbo loans, adjustable rate jumbo loans, jumbo loans, stated income loans, refinance loans, 2nd mortgages and purchases loans throughout California. Eagle Mortgage California Jumbo Loans is the most knowledgeable and experienced licensed California jumbo mortgage banker.
This is because mortgages over the conforming limit carry a slightly higher rate than conforming loans. For a 30-year fixed-rate mortgage, you would most likely be paying about one-eighth to one-quarter of a percent more, though in some circumstances the difference may be greater. The reason for this higher rate is that jumbo mortgages carry more risk to the lender and usually involve extra underwriting requirements, and these costs are passed along to the homeowner.
The conforming limit for 2006 is much higher than last year’s limit of $359,650. In fact, it’s a 16 percent increase over 2005, the largest-ever jump in a single year. This creates a refinancing opportunity that can save some homeowners a lot of money.
Here’s an example: Let’s say you took out a $400,000 fixed-rate mortgage at 6% when a loan of that amount was considered a jumbo. If you refinance today, your mortgage would now be well under the conforming limit, and you would be able to take advantage of the lower rate. For a 30-year fixed rate mortgage, lowering your rate to 5.75% works out to almost $64 every month; reducing it by half a percent would save over $125 a month.
Remember that refinancing involves costs of its own, and incurring these costs for a very small reduction in the interest rate may not be worth it. For some borrowers, however, refinancing from a jumbo to a conforming mortgage can save thousands of dollars over the long term.Contact one of Jumbo Loan officers qualified mortgage brokers today for a FREE JUMBO MORTGAGE ANALYSIS -- 24 HOUR APPROVAL -- and a NO OBLIGATION QUOTE
When a Loan Becomes a Jumbo Mortgage Loan
When a loan amount is higher than the conforming limit, it becomes a Jumbo Loan, or non-conforming loan, with slightly higher interest rates . Jumbo Loans, combined with historically low mortgage rates, can bring greater flexibility for some home buyers to purchase the house they want and make the payment they want.
With interest rates so low, consumer interest in Jumbo Loans is very high. If you are interested in finding out about securing a high end home without the jumbo mortgage rate, or getting your Jumbo Loan with a low (or no) down payment, talk to a jumbo mortgage loan expert at Eagle Jumbo Loans by calling 888-813-9462.
Conforming Loans
Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the jumbo mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans.
Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year.
The 2006 conforming loan limits for first mortgages are:
Loan Limits for: 2006 2005* 2004 One-family $417,000 $359,650 $333,700 Two-family $533,850 $460,400 $427,150 Three-family $645,300 $556,500 $516,300 Four-family $801,950 $691,600 $641,650 Loan Limits for: 2003 2002 2001 One-family $322,700 $300,700 $275,000 Two-family $413,100 $384,900 $351,950 Three-family $499,300 $465,200 $425,400 Four-family $620,500 $578,150 $528,700 Loan Limits for: 2000 1999 1998 One-family $252,700 $240,000 $227,150 Two-family $323,400 $307,100 $290,650 Three-family $390,900 $371,200 $351,300 Four-family $485,800 $461,350 $436,600 * The 1998 - 2005 loan amounts are provided for historical reference. California Jumbo Loan Options Jumbo 6 month ARM
Jumbo 1 Year ARM
Jumbo 3/1 ARM
Jumbo 5/1 ARM
Jumbo 7/1 ARM
Jumbo 30 year fixed
Jumbo 15 year fixed
Stated Income LoansJUMBO LOAN MORTGAGE PROCESS jumbo mortgage loan processing follows this simple pattern: - Present loan proposal based on the initial jumbo mortgage inquiry
- We gather borrowers home information, social security numbers and income. Finalize 1003 jumbo mortgage application for the jumbo loan, and obtain preliminary credit approval.
- Send out initial good faith estimate and other disclosures for the California jumo mortgage
- Request documentation, consisting of income (verified or not), current mortgage information, insurance information, legal authorizations and assets
- Upon receipt of the required documents including, order title work, schedule appraisal, request payoff information and mortgage history, we will submit final documentation to underwriter and set signing date.
- Verify final closing numbers and lock in rate (if not already locked in)
- Print final loan documents and forward to signing agency
- Sign and fund jumbo loan, or wait for 3 day cancellation period to fund
As in any jumbo mortgage transaction, additional information may be required to finalize a 'clear to close' with underwriting. We will listen closely to your needs up front, so that we may present all necessary information in a timely manner to underwriting.
STATED INCOME NO DOC JUMBO LOANS
A stated income jumbo loans is a loan that can help you purchase an expensive home without having ot verify your income. This program is less costly for the borrower when compared to other reduced or non documentation type loan programs. This type of loan is perfect if you have a job that make verifying income difficult. As long as you have decent credit you can qualify for the stated income mortgage program. This type of loan is available as a jumbo loan or non conforming loan. Contact the jumbo loan experts at California Jumbo Loans for more information on jumbo loans and the other various types of jumbo loans.
BALLOON RATE S JUMBO MORTGAGES
A balloon mortgage is a mortgage that has equal monthly payments amortized over 30 years at a fixed rate for a stated term. Borrowers should be aware that this type of loan has a large lump sum payment due at the end of the loan contract that is equal to the remaining principle balance plus any interest and charges due. Contact California Jumbo Loans for more information toll-free at 415.380.2347 and ask for Rich Juarez.
JUMBO REAL ESTATE INFORMATION
California Jumbo Loans offers jumbo loans for people all over whether it be for buying a new home or refinancing your jumbo loan. Check out information on popular areas where we help new residents with jumbo loans, if you are looking to relocate to an area not listed below contact our office and we will work with you to get you the loan you need in the area you want. JUMBO LOANS MORE CALIFORNIA JUMBO MORTGAGE HOME LOAN JUMBO LOAN REFINANCE INFORMATION
- Los Angeles California Mortgage Home Loan Jumbo Loan Refinance Information
- San Diego California Mortgage Home Loan Jumbo Loan Refinance Information
- Dana Point California Mortgage Home Loan Jumbo Loan Refinance Information
- Beverly Hills California Mortgage Home Loan Jumbo Loan Refinance Information
- San Francisco California Mortgage Home Loan Jumbo Loan Refinance Information
- Marin County California Mortgage Home Loan Jumbo Loan Refinance Information
- Sacramento California Mortgage Home Loan Jumbo Loan Refinance Information
CALIFORNIA JUMBO LOANS JUMBO LOANS JUMBO LOANS JUMBO LOAN OPTIONS STATED INCOME LOANS CALIFORNIA JUMO LOAN REAL ESTATE FREE JUMBO MORTGAGE LOAN ANALYSIS MORTGAGE DIRECTORY CONTACT US CALIFORNIA JUMBO LOAN LINKS
LOW FIXED RATE JUMBO MORTGAGESA fixed rate jumbo mortgage loan is a jumbo mortgage loan that does not go with the current market rates. The interest rate that was given with the jumbo mortgage loan is the interest rate that stays throughout the life of the loan. A loan that follows the current market would be an JUMBO ARM. The fixed rate jumbo mortgage loan also is a non-conforming loan, this means that the mortgage loan is above the standard $417,000 of most conforming mortgage loans. Contact your jumbo mortgage professionals at Jumbo Loans at 888.813.9462 and ask for a Jumbo Loan Officer.
ADJUSTABLE RATE JUMBO MORTGAGES
An adjustable rate jumbo mortgage loan is a mortgage loan that fluctuates with the current market rates based on the agreed terms. The interest rate that was given during closing is subject to increases usually in year increments. Most jumbo loan borrowers that understand the benefits of utilizing an adjustable rate jumbo mortgage use this program with the intention of refinancing their jumbo ARM loan at the end of the initial term. Contact your jumbo mortgage professionals at Jumbo Loans at 888-813-9462 and ask for a Jumbo Loan Officer for more explanation of jumbo loans.
Jumbo Mortgage Loans
A Jumbo Mortgage Loan is a loan amount > $650,000 and typically goes up to $10,000,000. A standard Jumbo loan is $417,000 (as of 2006) up to $650,000 and we provide both types of loans. These type of loans facilitate the high-end purchase of expensive homes, vacation homes, investment property and upscale luxury homes. They are quite attractive for primary occupants or investors who want to leverage their assets.
If you are considering a Jumbo Mortgage, then let one of our licensed mortgage professionals help walk you step by step through the loan process. High end financing requires years of experience which is crucial to finding the best mortgage options to suit your needs.
Some of the Jumbo loan programs available are:
Jumbo Loan amounts up to $25,000,000
100% jumbo financing up to $1,500,000: "Stated Income" 680+ FICO score:
90% financing up to $2,000,000: "Full Doc or Stated" 660+ score:
Rates from 1.50% on No Neg ARM's
100% up to $1,500,000: No Income Verification 620+ score:
90% up to $1,250,000: JUMBO NINA - No Income & Stated Assets; 680+
100% jumbo loan up to $1,000,000 (No Doc - No Income, Assets or Job)
80% jumbo loan to $4,400,000 ( No Income Verification 680+ FICO score )
- Interest only option> available on all ARM's, Full Documentation, Stated Income Loans and No Asset, Income or Employment verification options. Terms are on the 6 month, 2 year, 3 year, 5 year, 7 year, or 10 year ARM's, 30 yr Fixed and the 1% Pick a Payment Option ARMs.
- Simple and Convenient
Complete the easy on-line application for low documentation. A jumbo loan consultant will be assigned to your file and will contact you to begin the jumbo loan process. (for jumbo mortgages and jumbo loan). - Speed Guaranteed
Apply for a jumbo loan online and a jumbo loan consultant will be in touch with you within 24 hours to begin the loan process.* - Competitive Jumbo Loan Rates
Our convenient and speedy process enables us to offer some of the lowest rates in the industry for all types of mortgage loans. We challenge you to find lower rates and better fees from any other lender out there! - No Obligation
It costs you nothing to apply. You are never charged a fee to apply. No Obligation. No Regrets.
Jumbo Loans for High Net Worth Individuals, Entertainers, Corporate Management, etc.
If you have a considerable sized loan on your home then you probably have a financial advisor who is helping you plan for a solid future upon retirement. Considering that sometimes high profile positions are cut short from external factors beyond your control, it is critical you have your money working for you at all times
Interest only loans are recommended by many financial advisors since the tax advantages of borrowing against your home makes the cost of the money far lower than the potential returns invested elsewhere.
Of course each individual has a unique portfolio to consider, so you may want to ask your jumbo financial consultant how you can save thousands of dollars a month. Below is an example so you can see the difference
Example of a Professional Football Player's Loan
A. EXISTING JUMBO LOAN
Existing Loan Balance: $1,000,000
Product: 15 Year Fixed
Documentation: Full
Rate: 6.25 %
Current P&I Payment: $8,574.23B. NEW JUMBO INTEREST ONLY LOAN REFINANCE
New Loan: $1,000,000
Product: 5 Year Fixed Jumbo Interest Only
Documentation: Stated Income / Assets
Rate: 6.375 %
New Payment: $4,479.17A Savings of $49,140 a Year! or $4,095 per month
Stated Income and Stated Assets *This example is based on certain jumbo loan product guidelines but you can see how much extra money can be saved and placed into other forms of investments.
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