Super Jumbo Mortgage Loans

Exactly What 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. Super Jumbo Mortgage loans usually refer to home loans where the first mortgage exceeds $650,000. There are still a great many lenders who use this term to define products that are offered above & beyond the average jumbo loan amount and then have special programs aimed directly toward these consumers. There are many programs in existence for homeowners with loan amounts in excess of this level. One of the most common and popular mortgage loans is the Interest Only mortgage whereby the borrower can select from either a fixed-rate or adjustable-rate which provides the ability to only pay interest for a specified period of the note which can mean significantly low payments for larger loan amounts.

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As well as the Interest Only programs, there are also Fixed-Rate programs. In regard to Fixed-Rate loans, many lenders offer them but consumers should understand that not all lenders will provide a loan over $1,000,000. There are some lenders who even cap at $650,000 or else severely constrict loans over $650,000 to densely populated locations. Still, the most popular Super Jumbo Mortgages are Interest Only loans.

About SUPER JUMBO Mortgage Loans and Recent News, News History, if applicable

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

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What are America’s Top Super Jumbo Loan Programs?

• 30 Yr. Fixed-Rates
• 15 Yr. Fixed-Rates
• 5 Yr. ARMs
• 5 Yr. Fixed Interest Only
• Six Month LIBOR
• One Month LIBOR

Are Interest Rates Higher for Super Jumbo Mortgages?

The answer is Yes and No. Super Jumbo mortgages do tend to carry a small increase in rate over conforming loan products but it can depend on the consumer’s relationship with the lender as well as their overall risk profile. A great many Super Jumbo mortgage loans are part of portfolio loan packages whereby the lender has more flexibility in the terms & conditions of each loan.

What is a Portfolio Loan Package?

This is where a consumer’s loan, once funded, will go into a portfolio of similar loans whereby the lender will sell only as a group. For instance, should one client have an extremely good profile and another consumer has a minor issue, then the lender sometimes can overlook your minor blemish because overall, the portfolio is still at the average quality aimed for

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