Posted on: 02nd Feb, 2006 09:55 am
Super jumbo mortgage is a common term in the market today. Who can use a super jumbo loan for their benefit?
Hi Lisa,
Super jumbo loan has got its market with the introduction of interest only loans and the price hike in the real estate.
This loan is good for the real estate investor or the real estate developer as they can get a larger amount of financing but this loan is not meant for an average consumer.
It is meant for a mortgage loan that is above $650,000. If your mortgage exceeds that amount then you can look for the super jumbo loan option although you have to face a higher interest rate.
This is the reason for which I said it is not wise to go for a super jumbo loan as an average consumer.
God bless you.
For MortgageFit,
Samantha
Super jumbo loan has got its market with the introduction of interest only loans and the price hike in the real estate.
This loan is good for the real estate investor or the real estate developer as they can get a larger amount of financing but this loan is not meant for an average consumer.
It is meant for a mortgage loan that is above $650,000. If your mortgage exceeds that amount then you can look for the super jumbo loan option although you have to face a higher interest rate.
This is the reason for which I said it is not wise to go for a super jumbo loan as an average consumer.
God bless you.
For MortgageFit,
Samantha
The rate for a super jumbo mortgage is 1/4% higher compared to an average jumbo mortgage.
Hi,
Due to the increase in price of real estate, many prospective homeowners are going for the super jumbo loans so that they are able to borrow enough for their home purchase.
Ken
Due to the increase in price of real estate, many prospective homeowners are going for the super jumbo loans so that they are able to borrow enough for their home purchase.
Ken