If you’re looking to make a large expenditure this year a Super Jumbo Mortgage may be what you need. Super Jumbo Mortgage is a mortgage term used to describe mortgage loans exceeding $650,000. Many lenders still use this term to define products offered above and beyond the average jumbo loan amount and have special programs aimed directly at such loan consumers.
Super jumbo loan programs
Jumbo and Super Jumbo loans are considered non-conforming loans. These loans are becoming increasingly more popular as housing prices keep going up. Super jumbo loans are now easier to get than in previous years too. Many lenders offer these types of loans as fixed rate loans but adjustable and interest only loans are options. What you need to keep in mind is that most lenders will not be able to fund loans higher than $1,000,000.
In the last few years interest only super jumbo loans have been extremely popular. These mortgage loans allow the homeowner to pay interest only for a defined period of time which can mean substantially low payments for larger loan amounts.
Super Jumbo loans usually carry a small increase in rate over conforming loans but it also depends on your relationship with the lender and your overall risk profile. Super Jumbo loans can be used to buy a home or refinance your existing high end mortgage.
Common Super Jumbo Questions
Are interest rates higher on Jumbo Loans and Super Jumbo Loans?
The answer is yes and no. Super Jumbo loans tend to carry a small increase in rate over conforming loans but it also depends on your relationship with the lender and your overall risk profile.
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