Jumbo Home Mortgage Lenders in Florida
What is a Jumbo Mortgage?
You may have heard about Jumbo Mortgage Loans on the news or in a magazine. You may be even considering whether one is right for you. Jumbo Mortgage Loans are designed for people who need to borrow just a little bit more than what a traditional mortgage will allow. Our mortgage professionals will work with you in determining whether a Jumbo Mortgage is the right step for you. Here is some information about Jumbo Mortgage Loans. Jumbo Home Mortgage Lenders in Florida. NSH Mortgage has the wisdom and tools to help you understand that what a jumbo loan can do for you.
1. Jumbo Mortgages are different than ordinary mortgage loans.
Jumbo loans are higher than the maximum allowed on a convention mortgage amount. For an ordinary conventional mortgage, the limit imposed by Freddie is usually $417,000 for a single-family home; $533,850 for a two-family home; $645,300 for a three-family residence; and $801,950 for a four-family dwelling. Thus, if you are eyeing a home that is more expensive than the limit imposed for a conventional loan then a jumbo loan might possibly be for you.
2. Jumbo Mortgages are usually charged at a slightly higher interest rate.
Not only is the amount of the loan higher, but a Jumbo loan will often be charged at about a percentage point or two higher than normal. This seemingly minor adjustment can have a tremendous effect on your payment. This should be kept in mind when you are considering a jumbo home mortgage. For individuals with stellar credit, Jumbo loans can usually still be acquired at competitive interest rates.
3. Jumbo Mortgages can help you in an expensive market.
Because of the high housing cost in Florida, a jumbo mortgage can often get you the home that you need. The best thing to do, however, is to discuss all of your options with an experienced lender. Please call us today to speak with one of our mortgage specialists.