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RSS FeedDumbo Jumbo - Good Loan Rates Do Exist |
Jun. 23, 2008
Categorized in: Info for Buyers
Tampa, FL - The following comes as no surprise to those shopping for higher end homes - For quite some time now, Jumbo Loan Mortgage Rates are, and have been, disproportionately high when compared to conventional financing rates. For REALTORS with listings in the Jumbo Loan category, such as myself, this has put a real damper on showing activity.
It has been equally burdensome for buyers of homes in this category. They see many great, higher end homes for sale today, some at amazingly low prices (relatively speaking) but aren't 'pulling the trigger'. Smartly, they are waiting for rated to drop, even those who can afford the higher payments. Who can blame them? The additional interest these loans require easily top $10,000 annually. And for what? Bank profits. (I'm not bashing banks, here, just pointing out that interest is a 'throwaway expense' that should be avoided if possible.)
However, there is hope. I recently uncovered several very strong mortgage programs for Jumbo Loan candidates. One is through an investment house (it is extremely legitimate - no bond issues here) and offers rates around 6% (as of this writing), up to 100% financing, interest only for 5 years, and no mortgage insurance. That's strong! However, only those who qualify can play in this sandbox, but qualifying isn't that difficult. One just needs to have an investment account with this firm with a minimum asset base and a decent credit rating. Let's get the word out there that there are solutions for Jumbo buyers so we can get that market going again.
I am not a mortgage broker, lender, or purveyor of any kind. I'm just trying to do my part to rekindle this recently neglected part of the real estate market, especially in Florida. So, for more info on this great mortgage program, please contact me and I'll give you the company's name. I can be reached through my web site: www.PrettyDogRealty.com.
It has been equally burdensome for buyers of homes in this category. They see many great, higher end homes for sale today, some at amazingly low prices (relatively speaking) but aren't 'pulling the trigger'. Smartly, they are waiting for rated to drop, even those who can afford the higher payments. Who can blame them? The additional interest these loans require easily top $10,000 annually. And for what? Bank profits. (I'm not bashing banks, here, just pointing out that interest is a 'throwaway expense' that should be avoided if possible.)
However, there is hope. I recently uncovered several very strong mortgage programs for Jumbo Loan candidates. One is through an investment house (it is extremely legitimate - no bond issues here) and offers rates around 6% (as of this writing), up to 100% financing, interest only for 5 years, and no mortgage insurance. That's strong! However, only those who qualify can play in this sandbox, but qualifying isn't that difficult. One just needs to have an investment account with this firm with a minimum asset base and a decent credit rating. Let's get the word out there that there are solutions for Jumbo buyers so we can get that market going again.
I am not a mortgage broker, lender, or purveyor of any kind. I'm just trying to do my part to rekindle this recently neglected part of the real estate market, especially in Florida. So, for more info on this great mortgage program, please contact me and I'll give you the company's name. I can be reached through my web site: www.PrettyDogRealty.com.
