|
Interested in qualifying for a larger loan? Thinking about a jumbo loan but want to avoid jumbo interest rates?
The Blended Jumbo Loan offers lower monthly payments and buydown options that can help you qualify for a larger loan. The lender makes one fixed-rate loan in an amount up to the conforming loan limit*, plus an adjustable-rate second mortgage on the home you wish to buy.
The resulting "blended" payment is often less than the payment you would make on a similar jumbo mortgage, so you can enjoy enhanced home purchasing power. Also, a Blended Jumbo loan makes it easier for you to manage your long-term costs. You can direct extra principal payments toward the second mortgage without affecting the first mortgage allowing you to pay off the second mortgage and lower your monthly pament at your convenience.
- Lower monthly payments and interest rates
Mortgage payments and interest rates are usually lower than regular jumbo and fixed-rate mortgages.
- Flexibility
Second mortgage can be paid off at a later date or prepaid (further lowering monthly payments) with no penalty.
- Want to lower their interest on a jumbo mortgage.
- Want to qualify for a larger home.
Disclaimer
*Currently $417,000 or less for a single-family home, except in Hawaii and Alaska, where the limit is $625,500 for a single-family home. These rates may adjust annually.
|
