Jumbo Loans (Loan amount greater than $417,000)
These loans can have a fixed principal and interest (P&I) payment for the life of the note or one can secure an Adjustable Rate Mortgage (ARM with a fixed payment for a term of 1, 3, 5, 7 10 years). Escrows (taxes and insurance) are the only part of the entire payment subject to change.
Fix Terms
15yr fixed, there are 180 payments at a fixed P&I rate.
30yr fixed, there are 360 payments at a fixed P&I rate.
Note: The shorter the maturity the greater the monthly payment. If you desire a fixed rate, these are the product choices. You can select the term that best suits ones requirements. This loan requires 20% down in the form of a second lien or mortgage insurance. Please call to discuss ways to lower the first lien down to $417,000.
ARMS
1yr fixed, there are 12 payments at a fixed P&I rate then the rate adjusts to terms of the note.
3yr fixed, there are 36 payments at a fixed P&I rate then the rate adjusts to terms of the note.
5yr fixed, there are 60 payments at a fixed P&I rate then the rate adjusts to terms of the note.
7yr fixed, there are 84 payments at a fixed P&I rate then the rate adjusts to terms of the note.
10yr fixed, there are 120 payments at a fixed P&I rate then the rate adjusts to terms of the note.
Note: The shorter the maturity means lower rates. This loan requires 20% down in the form of a second lien or mortgage insurance. Please call to discuss further.