Jumbos and Super Jumbos, the Best Choices for Large Mortgages

MyMortgageBanker.com specializes in residential and commercial mortgage loans for the self-employed as well as jumbo and super jumbo loans.

Jumbo Loan News:

Jumbo and Super Jumbo Loans are still available with "below market" rates in many states.

Testimonials

Just returned from closing on the refi and wanted to thank you and your staff for the efficient handling of this process. It's incredible to me that in a couple weeks you could accomplish what the original local group I had been working with was unable to accomplish in over two and one-half months. I will be pleased to recommend you and your bank to all of my friends and business associates when they have similar financing needs.
Ray H . Virginia

Thanks again for another terrific transaction and the great rate...you have come through exactly as planned again. I will be back.
Bill K. Sarasota, FL

Your service and expertise should be used as the standard for your industry. I have purchased and refinanced many times over the years and I have never had a lender set me as ease so quickly...and then close the loan when and how you said you would.
Glenn R. Arlington, VA

I was uneasy at first because your company was not local to me...I appreciate the reassurances along the way and for coming through and having everything go exactly as you said it would. You will be hearing from me again.
Sarah L. Gaithersburg, MD

A+ from start to finish. I did not realize I could get that kind of rate on a stated loan..best experience I have received getting a mortgage.
John S. Portland,OR

As a real estate agent I have been to a lot of closings and this was as smooth a transaction as I have been involved in and (thankfully) it was mine.
Laura M. Cherry Hill, NJ

Jumbos and Super Jumbos, the Best Choices for Large Mortgages - May 2006

Usually people looking for jumbo and super jumbo loans have unique financial situations, so some lenders are offering completely individualized loans. It is important that borrowers make their needs known. Don’t be afraid to ask questions—lenders provide not only loans but service.

A jumbo mortgage is a loan that goes beyond the conventional loan limits determined by Fannie Mae and Freddie Mac, the agencies who set the limits for mortgage amounts. Currently the limit is $417,000 (higher in more expensive areas), up from $133,250 in 1986. Jumbos and super jumbos start above the conventional limit and can go as high as $10 million.

With the value of houses in the U.S. continuing to rise, jumbo loans have also risen as a percentage of the total mortgage market. According to the newsletter Inside Mortgage Finance, in 2003 the total U.S. mortgage market was $3.76 trillion and of that $660 million was in jumbo loans. Since home interest expenses are deductible up to $1million and given the ever-increasing demand for jumbo loans, some lenders are offering a wide range of these kinds of loans including adjustable rate and interest-only mortgages. Typically, a full documentation jumbo loan will have an interest rate .25-.5% higher than a conventional conforming loan and may require that the borrower have reserves to cover 6-12 months of all monthly debts.

Remember, when shopping for mortgages, it’s not just the interest rate. Find a mortgage package and lender that works for you.

John King of MyMortgageBanker.com specializes in working with the self-employed for their residential and commercial mortgage needs and those in need of jumbo mortgage financing.