up to 4 million dollars.
purchase, refinance or refinance with cash-out
are the Oklahoma luxury home specialists!
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.
mortgages are categorized as loans in excess of
$322,700.00 for single-family residences
interest rate on our 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!
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
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.
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”
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