Jumbo Home Mortgage Loans - Loan Choice Direct

Jumbo Home Mortgage Loans

Jumbo mortgage loans are for consumers who want to purchase, refinance or obtain a second mortgage on a home that costs more than the maximum loan amount set by the Fannie Mae and Freddie Mac guidelines (two shareholder-owned companies created to make sure there are always funds available to prospective homeowners).

A super jumbo loan mortgage is any loan in excess of $650,000. In certain places like New York City, California, or Florida the average home can cost over $450,000.

Jumbo loans are considered to be riskier for lenders as the homes involved are usually bought and sold less often than other lower priced housing.

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As a result, interest rates can be higher depending on the current economy, so you should seek the help of experienced professionals, like those in the Loan Choice Direct (LCD) Lender network, in order to qualify for the best rate possible.

New Home Mortgage Loan
A jumbo home loan lets you buy an existing home that costs more than the maximum loan amount stated above but less than $650,000. If the home costs more than that, you will need to apply for a super jumbo mortgage. If you want to keep your starting payments low, an interest-only jumbo loan is a good choice because it lets you pay interest payments only for a specified period.

However, after the initial period ends, your payments will increase because the loan then becomes fully amortized and you will start paying principle as well. Allow the LCD Loan Search Engine to research the hundreds of lenders on our network so they can in turn find you the best loan program possible for your special scenario.

Refinancing Your Current Mortgage

Jumbo loans can also be used by homeowners to refinance their current mortgage, even when the amount is over the conforming loan limits (the limits set by the above companies). So a homeowner can pay off an existing loan with the proceeds of another loan using the same property as collateral to lower their monthly payments. Please also note that since the limits change every year you may even be eligible for a conforming loan later on and be able to realize additional future savings that way.

Plus, you can save even more if you include credit card debt consolidation with your loan; this will let you roll all of your current loans into one mortgage reducing your overall payment on that debt significantly in most cases.

Second Mortgage Loans
Real estate can be a great source of funds for when you need to obtain additional cash for special situations that arise in your life from time to time. If you need money for college tuition, medical bills, or just want to get your financial situation more under control by paying off some bills, then this loan is what you need.

Second Mortgages (also known as Home Equity loans) come after the first mortgage and are secured against the same property as the first and based on the amount of equity (the difference between the market value of the property and any outstanding money due on it) you have.

With a Second Mortgage/Home Equity loan, household income will not be the greatest factor in how much you qualify for, so if income has been an issue in obtaining other credit, this could be the solution.

You should carefully weight the savings you can earn by refinancing against the possible costs or penalties. Any homeowner can refinance their mortgage; the key is to weight your options to determine if refinancing is the best option for your situation.

A professional consultant is always available at Loan Choice Direct, so please call us (1-888-523-8523) today to find the best solution for your needs.

You can also apply with our quick and easy application and one of our loan specialists will be in touch with you shortly to discuss your options.


	Rates are the lowest they've been in close to 30 years. Refinance now to get a lower rate, save on your monthly payments and turn your adjustable into a fixed rate!

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