Are you looking to refinance your mortgage with a 15 year fixed jumbo loan? The main advantage of a jumbo mortgage is that it lets you go outside of the restrictions set by Freddie or Fannie. You can still finance the home of your choice with a competitive interest rate without being restricted by corresponding mortgages’ dollar limits. There are fluctuating rates on jumbo mortgages and these may be lower or higher than the conforming rates of mortgages. Give us a call today and we can discuss your 15-year fixed jumbo loan.
Depending on the lender, maximum loan amounts vary in a fixed jumbo loan. These mortgages can be used for vacation homes, investment properties, or your primary home. Because these loans are not backed by Freddie or Fannie, jumbo lenders have stricter guidelines for underwriting. The benefit lenders get from these unbacked, riskier loans is that there is more to gain since there are higher dollar values. These loans can thus be offered to wealthier customers. To avail of a 15-year fixed jumbo loan, you need greater reserves, a higher credit score, and a larger income. Your scores on FICO need to be higher, between 660-740.
In some areas of the United States, home prices have skyrocketed more than ever before and buyers sometimes need a loan called a jumbo loan to finance them. In mortgage lingo, jumbo loans are the ones that exceed the limits set by the enterprises sponsored by the government that buys most home loans and package these for investors. Jumbo loans or jumbo mortgages are those exceeding the loan-servicing dollar amount limits put in place by GSE’s Fannie Mae and Freddi Mac. Thus, a jumbo loan is a non-conforming loan. Be sure to check your area’s home limits to find out what you can avail of.