7 Ways Jumbo Mortgage Rates are Attractive for Buyers
There are many reasons you might want to consider a jumbo mortgage, and among the reasons for doing that are the great rates. Don't underestimate the importance of your interest rate, because it can make a significant difference in how much you pay for your jumbo loan. Not everyone wants to get a jumbo loan, of course, but for people who are buying property that needs a mortgage higher than $417,000, a jumbo loan is one of the few options they have.
What is a Jumbo Mortgage?
If you're in need of a large mortgage loan, a jumbo mortgage that's higher than the conventional mortgage amount may be right for you. When you get a mortgage there are some options to consider. One of those options is which kind of mortgage you’re actually going to apply for. Most people choose a conventional loan, but if you’re trying to borrow a large amount of money you may not be able to get that type of mortgage. Instead, you may need a jumbo mortgage, which means that you’ll be borrowing more than $417,000. In some parts of the country where prices are very high, you’ll need to borrow more than $625,500 in order to qualify for a jumbo loan. But what is a jumbo mortgage, really, and how can it help you get the house you need? Will it cost you more in interest and other fees? The more you know about your options, the more informed decision you can make.