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Type of Loan Rate*      APR*
5 Year ARM
5.821%
5.033%
15 Year Fixed
5.243%
5.288%
30 Year Fixed
5.729%
5.717%
Home Equity Loan
7.420%
5.740%
HELOC
6.305%
6.990%
*Based on the Rate Focus
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JUMBO Mortgage Loans

Many consumers are interested in knowing what reason they might have to investigate a Jumbo Mortgage. In basic terms, a Jumbo Mortgage assists consumers in buying a more expensive home than they normally would consider . Interest Rates will be a bit higher than they would if the consumer decided on a more standardized mortgage. But, it could very well be worth it to the consumer if it would allow them to purchase their dream home. Another advantage is if consumers are considering investing their money by having multiple properties.

Consumers should consider a Jumbo Mortgage if they need to borrow more than $417,000. The cutoff between standard mortgage loan programs and Jumbo Mortgages for a single-family home is $417,000. Fannie Mae (FNMA) establishes the Jumbo Mortgage limits every year. Consumers may use a Jumbo Mortgage to buy any type of residence such as primary homes, second homes / vacation homes or there may be other investment properties the buyer is looking at.

A Jumbo Mortgage can be obtained via a number of different programs/plans. The most common & popular Jumbo Mortgage programs are Adjustable-Rate Mortgages as well as Fixed-Rate plans. Other plans a consumer may wish to consider for a Jumbo Loan are: A Six Month LIBOR Interest Only Loan is a popular avenue for Jumbos as well as Stated and No-Doc programs that are available.

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About JUMBO Mortgage Loans

Consumers may have some questions not covered so far and some of those will be addressed in this section. For instance:

For Jumbo Loans, does the qualifying limit change depending on the home size?
Yes! On a yearly basis, Fannie Mae announces the loan limits for homes as shown below. These are Fannie Mae’s 2006 limits:
• 1 Family Home - $417,650
• 2 Family Home - $533,850
• 3 Family Home - $645,300
• 4 Family Home - $801,950

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What Exactly is Super Jumbo Mortgage?

An even larger loan than a Jumbo Mortgage. In 2006, a Super Jumbo loan for a single-family will exceed $650,000.

Advantages & Disadvantages of JUMBO Mortgages

The premium advantages of JUMBO Mortgages are: 1) buying a more expensive home than they normally would consider (that dream home); 2) consumers could be interested in a Jumbo Mortgage if they are considering investing their money by having multiple properties; 3) Consumers should consider a Jumbo Mortgage if they need to borrow more than $417,000.

The main disadvantage of JUMBO Mortgages are: 1) Interest Rates will be a bit higher than they would if the consumer decided on a more standardized mortgage.

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This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.