Jumbo Mortgages

Jumbo mortgages are similar to conventional loans but are designed for higher loan amounts, typically used for luxury or high-priced properties. Jumbo loans are offered in both fixed-rate and adjustable-rate options, with the same benefits and challenges as conventional loans.

Jumbo Fixed Rate Mortgages:

• Interest rate and payments remain constant, providing stability throughout the life of the loan.
• Ideal if you prefer predictable payments with the option to refinance if rates drop.

Jumbo Adjustable Rate Mortgages (ARM):

• Offers lower initial rates than fixed-rate mortgages, which can result in lower monthly payments.
• Adjustable rates can increase or decrease based on market conditions, but caps can be set to limit rate increases.

Eligibility:

• Jumbo loans require strong financial qualifications, including sufficient income and an excellent credit history, to demonstrate the ability to repay the larger loan amount.