Luxury Home Mortgages—Learn why Jumbo Mortgage Rates are on the Decline in Early 2014
Posted by Thomas (TJ) Underwood on 01/04/2014
Jumbo Mortgage Loans
Atlanta area—and throughout the Country (United States) Jumbo Mortgages (those $417,000
and up in Metro Atlanta—and $625,000 and up in other high cost areas) have
recently fallen to a level that is in line with conventional loans.
the early 1990’s when I first began my real estate career have I seen jumbo
loans at or below those of conventional loans.
If you are one who are
shopping for a Jumbo Loan or anticipate shopping for one this year and you have
a credit score of 740 or above you can find loans on par with that of
conventional loans—roughly 4.25% in January of 2014—in the Metro Atlanta area.
If you only
plan on staying in your Luxury Home for only a couple of years—you can find
adjustable rate loans in Metro Atlanta in the upper 2% range—for a 5 year
In an effort
to lend money to those with good credit and who desire a Luxury Home that needs financing with a
Jumbo Mortgage—many lenders are requiring only a 15% down payment instead of
the traditional down payment of 20%.
Keep in mind
that when dealing with Jumbo Loans the “Big Banks” normally offer the most
competitive rates—so be sure to comparison shop appropriately.
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The above article was written by Thomas (TJ) Underwood. Thomas (TJ) Underwood is a former fee-only financial planner, a former top producing loan processor and is currently a licensed real estate broker in the state of Georgia.
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