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Jumbo Loans

Jumbo Loans are categorized by loan amount size for the mortgage you are requesting. Any mortgage loan that exceeds $333,700 is defined as a Jumbo Loan. A Super Jumbo Loan is defined as any loan amount exceeding $650,000. Jumbo Loans usually have higher closing costs associated with them as some lenders require not one, but two appraisals. In most cases the interest rate is higher simply due to the fact that the larger amounts of money cost more to lend. There can indeed be a price change between a Jumbo Loan and a Super Jumbo Loan.

Home Refinance Inc. has been extremely successful in finding the Smart Choice Loan, as it does not have a pricing adjustment for the borrower if the loan amount exceeds $333,700, as a standard Jumbo Loan traditionally would. In comparison, Home Refinance Inc. can offer you a 1.00% Introductory Rate on a loan amount up to $650,000 on the Smart Choice Loan with the following four payment options:

• Minimum Payment: $2,386.31
• Interest Only Payment $2,650.92
• 30 Year Payment $3,447.35
• 15 Year Payment $5104.34

The principal and interest payment on a traditional Jumbo Interest Only LIBOR ARM at an interest rate of 6.75% for a loan amount of $650,000 would be $4,215.89. Each of these loans have their benefits, however, the Smart Choice Loan provides the most flexibility with the most payment options for any Jumbo Loan customer.