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Jumbo Mortgage Rates

For the past few years, the entire country has dealt with the ramifications of the recession which has led to devalued retirement portfolios, higher rates of unemployment, and reduced housing values. While the economy has caused many problems for people, the one advantage of the poor economy has been that it has helped keep mortgage rates on all mortgages at historically low levels. Those that qualify for the low rates are able to save thousands of dollars per year in the form of reduced interest rates.

While interest rates are lower on all mortgage products, those that have large jumbo loans, which are typically considered to be those over $419,000, getting the low rates could be more of a problem. This is because the loans are not considered to be conventional, which means that they do not qualify for backing by the federal government.

While jumbo mortgage rates will always be higher than traditional loan rates, there are ways that a borrower in need of a new mortgage could get a great rate. One of the best ways to get the best jumbo loan rates is to put a significant amount of money down. Banks are hesitant to offer low rates on jumbo loans because they are taking on more risk by giving away more money. However, if you are able to put forth 25% or more down towards the purchase of the home, you could alleviate quite a bit of risk from the bank’s perspective. Putting for more money will almost always result in you receiving lower jumbo mortgage rates.

Those that are looking for the lowest jumbo loan rates should also look for ways to improve their credit scores. Your credit score is the most significant factor that a bank uses in determining whether you will be approved for the loan and what the rate will be. If your credit score is above 740, you will qualify for the best rates that are offered by the bank. However, if your score falls below that level, the bank may begin to drastically increase the rate that they are willing to provide to you. This could end up costing you a significant amount of more money over the course of the loan.