Jumbo Mortgage Rates on the Decline [mortgageloan-processor.blogspot.com] Question by : Looking for well know jumbo mortgage lenders. Need to find lowest jumbo mortgage rate. Can someone help? I'm looking to try and find a low rate on a jumbo mortgage in california. If anyone can provide some feedback on jumbo mortgage rates in CA I'd appreciate it. Thanks! Best answer for Looking for well know jumbo mortgage lenders. Need to find lowest jumbo mortgage rate. Can someone help?:
Answer by loanmasterone
Finding out about jumbo rates will no help you at all, you need to find out if you are qualified for a jumbo rate. In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book. Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one. He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate. The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase. When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started. #1 One month of pay stubs for each person that will be on the mortgage. #2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment. #3 Two years of federal income tax along with the W-2 that match. Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased. Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral. Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments. If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan. You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once. Make sure your mortgage broker explain all your options so you may make an intelligent decision. What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else. So select the best option for you and your financial situation. You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment. Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign. Your mortgage broker will now order an appraisal to show proof of the property value. The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed. After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home. Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you. I hope this has been of some use to you, good luck "FIGHT ON"
Answer by MadMan
Try www.Bankrate.com
Answer by mortgage_pooh_bah
Craig, If you're looking for a reputable jumbo mortgage lender, Total Mortgage Services may be just what you're looking for. Since 1997, Total Mortgage has funded more than $ 4 billion in mortgage loans and offers some of America's lowest rates and fees, in addition to the convenience, personal service and integrity of a community lender. Total Mortgage is nationally known for having some of the lowest jumbo mortgage rates available. We not only offer some of the lowest current jumbo mortgage rates in the country, but also great flexibility in crafting a mortgage solution that’s right for you. Check out our link below for our up-to-date jumbo mortgage rates. Best of luck! Robert Hyder Total Mortgage Services
Because jumbo mortgages are held by lenders as portfolio loans, there is additional room for being creative with requirements. Sometimes, the jumbo loan requirements are set based on the loan amount. In other cases, it may be according to a borrowers ... Jumbo Mortgage Volume on the Rise
As the housing crisis broadened, jumbo mortgages predictably became harder to obtain. Already considered high-risk mortgage loans before the credit crunch began, jumbo mortgage rates climbed to excessive limits. The recent drop in conforming mortgage rates has also had an impact on jumbo mortgage rates.
Jumbo mortgages, as they are commonly referred, are non-conforming loans that are above the industry standard for conventional conforming loans that can be bought by Fannie Mae or Freddie Mac. The industry standard loan size that can be purchased by these two government-sponsored enterprises (GSEs) on a 1-unit property is $ 417,000, but can go as high as $ 729,750 in high-cost areas on the continental United States and $ 1,094,625 in high-cost areas in Alaska, Hawaii, Guam and the U.S. Virgin Islands.
A small number of prominent lenders recently began announcing jumbo mortgage rates in the low-to-mid 5% interest range.
Industry experts expect more lenders to join in on this practice in the very near future.
At their peak, jumbo fixed rates reached almost 8% at the end of October 2008. Today, some mortgage lenders are being extremely aggressive with their jumbo fixed-rate mortgages, pricing as low as 5.25%. On a $ 1 million loan size, that could mean a savings of over $ 1,800 on a monthly mortgage payment.
Because mortgage lenders no longer have buyers for the jumbo mortgage loans that they approve, they are required to keep them in their portfolios. Since consumers are now being especially cautious with their money, they are no longer investing in the stock market and are putting it into much safer and conservative investments, such as savings and money market accounts.
As a result, banks now have more money to lend.
Ultimately, when money comes in the front door, banks are then sending it out the back door as a mortgage loan. In addition, when homeowners are refinancing their conforming mortgages due to the record-low interest rates, banks are afforded more liquidity to offer jumbo mortgage loans.
Each lender will have different requirements than the next. Because there are no buyers for jumbo mortgages, each lender creates and maintains their own guidelines and pricing before placing it in their portfolio. A slow down in jumbo originations indicates a tightening of requirements and an increase in rates. Consequently, these extremely low jumbo mortgage rates may not be available for very long.
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