What are 30 Year Fixed Jumbo Mortgages?
A 30 year fixed jumbo mortgage is a loan with a fixed interest rate over 30 years. Jumbo loans are non-confirming. Every country has their own limits on mortgage loans. Jumbo loans are higher than these national limits. Mortgages such as 30 year fixed jumbo can be applied to all types of properties, including investment properties and vacation homes. 30 year fixed mortgages are a stable option as the rate is fixed and will not fluctuate over time.
Refinancing with a 30 year fixed jumbo mortgage is a perfect option for homeowners that qualify. Highly qualified borrowers are the only individuals eligible for jumbo loans. These types of loans are only given to those who meet the specific standards. In order to know if you are eligible, consult with a mortgage lender or trusted advisory service.
The Benefits of 30 Year Fixed Jumbo Refinanced
- Low and Consistent Interest Rate
30 year fixed mortgages have a low interest rate the will not fluctuate over time. For example, adjustable rate mortgages can increase or decrease once a year for the remainder of the term. This can be risky for homeowners. With a 30 year fixed mortgage, homeowners can rest assured they will not be subject to the highs and lows of interest.
Refinancing with a 30 year fixed mortgage is beneficial and simple. It allows you to receive a low fixed interest rate. It is best to refinance when interest rates are low in your city/ area.
- Stability as an Investment
Properties are wise investments. Therefore it is important to have stability for your investment property or vacation home. Highly qualified borrowers often have assets such as investment properties. A 30 year fixed mortgage is a great option for homeowners that use the property as a source of revenue.