4.25% 30 Year Fixed Rate
Loan Amount
Loan Type

Program Rate APR
30-Yr fixed 4.750 % 0.7 to 1
15-Yr fixed 3.750 % 0.7 to 1
5/1 ARM 3.125 % 0.7 to 1
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Mortgage Rates – Using Google as a Tool

When the time came for me to start looking to buy a rather expensive house, I knew I’d need more than a standard mortgage. I’d require what’s known as a jumbo loan, which simply means a loan amount for a substantial amount greater and larger than a traditional loan.

Researching Lenders

One of the first steps for me in trying to acquire such a loan was to thoroughly shop around at various lenders to compare the best jumbo loan rates. I knew that lenders usually use a mortgage rates calculator to help determine the actual monthly payments on these jumbo loan rates. I found that different lenders offered me various annual interest rates and my desire was to find the lowest rate possible so I wouldn’t have to pay any more interest than necessary. Moreover, one of the best ways to research one of these loans is by using the Internet and the major search engines, which is exactly what I did.

Checking My Credit

I also knew that every lender would be checking into my credit history to see if I was a viable candidate for one of their jumbo loans. I knew that without a strong enough credit history very few lenders would give me a jumbo loan. I also knew that the handful of lenders who would give me such a loan if my credit wasn’t up to par would have to charge me much higher than normal interest rates to offset the financial risk I’d be to them, even with my new house as loan collateral. I knew too such lenders would have to use a mortgage rates calculator to inform me of exactly how much I’d be paying each month on the big loan.

Ensuring Adequate Income

When I used the Internet and search engines to shop for a jumbo loan, I discovered that in addition to having substantive credit, that I’d also require a minimum amount of income so that the lender could be assured that I’d be earning enough money to be able to pay back the loan. My Internet research showed that in the case of the $600,000 home that I was looking to purchase, that with only 20% down they required me to earn in the low six figures or else they simply wouldn’t give me the loan. Even with my wife working full time at a good job, we were not really close enough to the income level requirement, so it didn’t really look like we’d get the loan unless we could somehow come up with more money down.

My Outstanding Debts

Since we didn’t have any existing debt at all, it was a simple matter of borrowing some more money up front, and in the end my jumbo loan did go through, which made me delighted.