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Jumbo Mortgage – Get Your Loan Today

Over the past few years, interest rates on new mortgages have fallen to extremely low levels. This has allowed millions of people to purchase homes and many more to refinance their existing mortgages into more affordable loans. While rates on all mortgages are lower than their historical averages, some loan products tend to have higher rates than others.

One type of mortgage loan that continues to have higher rates than a typical mortgage is jumbo mortgages. Jumbo mortgages are mortgages that come with principal balances that are higher than the standard FHA guidelines. While it can vary by location, any mortgage that has an initial balance of $729,500 or above will be considered a jumbo mortgage, and the borrower will need to pay a premium on their interest rate. In fact, jumbo mortgage rates are often 1% higher than a typical mortgage loan rate.

While jumbo mortgage rates will continue to be higher than conventional mortgage rates, there are things that you can do to get a slightly lower interest rate. One of the best things that you can do is to shop around. Jumbo loans rates tend to fluctuate quite a bit from one bank to the next. This is because all banks view jumbo mortgage lending, and those who do not see it as such a risky investment are often willing to provide you with much lower rates. By shopping around, and finding a bank that is more lenient with their jumbo mortgage lending, you could save a lot of money in excess interest charges.

Putting more money down is another way to find lower jumbo loans rates. Similar to conventional mortgages, most lenders want their borrowers to put forth at least 10% down in order to qualify for a new mortgage. While you can qualify for the loan with a 10% down payment, you will likely pay a higher interest rate. To get the best rate possible, you will need to have at least a 20% down payment.

Those looking for the best interest rates on their jumbo loans will also need to have a good credit history. While banks in the past have lent to people with poor credit scores, the high rate of mortgage defaults have made banks aware that they need to tighten their lending practices. Due to the high rate of default, most banks now require a credit score of at least 740 in order for the borrower to obtain the best interest rate on a jumbo mortgage.