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Imagine, this month you make a full house payment, next month you take advantage of an opportunity, and make an interest-only payment. The next month, well, that one's up to you.
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what is a super jumbo loan?
"Super Jumbo Mortgage" is a mortgage loan exceeding $650,000. Many lenders use this term to define products offered above and beyond the average jumbo loan amount and have special programs aimed directly at these consumers. Programs range from "Interest Only" to Fixed Rate Mortgages.
FIXED RATE PROGRAMS
Many lenders offer fixed rate loans but not all lenders will loan above $1,000,000. Some lenders even cap out at $650,000 or severely restrict loans over $650,000 to highly populated areas.
The most popular super jumbo mortgage program is the "interest only loan", which allows you to pay interest only for a defined period of time which can mean substantially lower payments for larger loan amounts.
are interest rates higher?
Mostly yes. Super Jumbo loans tend to carry a higher rate than conforming loans but it also depends on your overall risk profile.
Loans are priced based on risk, and layers of risk mean high interest rates.
Full doc loans are less risky that stated loans;
Verified assets are less risky that stated assets;
Higher credit scores are less risky than lower credit scores;
Owner occupied properties are less risky than second homes or investor loans.
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* Programs, Rates & Terms subject to change without notice; the market is extremely volatile right now.
Don't presume what you want is available without talking to someone on my staff.
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GeorgiaMortgageMoney.Com is an intellectual property owned and operated by Traci Gregory
Corporate Office: HomeStar Financial Corporation | 848 Jesse Jewell Parkway | Gainesville,GA 30501
A Georgia Residential Mortgage Licensee, #17368
equal housing lender
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Georgia Association of Mortgage Brokers Member |
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National Association of Mortgage Brokers Member |
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