Jumbo loan products

charlesarmbruster · Posted: Thu Jan 31, 2008 4:23 pm Post subject: Jumbo loan products

Good, fair, reasonable rates are currently available for JUMBO LOAN clients -- go to your favorite bank or broker. xxxxxxxxxxxxxxx Everyone thinks that JUMBO rates are still up in the 8% range -- this is wrong thinking! Now is the time to correct your adjusting JUMBO 1st lien -- if not now, certainly this year. All signs in the industry have been pointing to this Spring 2008 as having the best available rates since the Bubble burst. Right now, and for the past 2 weeks, rates are super -- even for your less than $417k loan amount. JUMBO loan amounts up to $2,000,000 can be financed in the 5's right now!

edited post to remove solicitation

adonis · Posted: Thu Jan 31, 2008 9:35 pm Post subject:

Welcome Charles,

Are you talking about jumbo ARM rates? I've heard currently rates on such loans are around 7%, so it won't be easy for borrowers to refinance a jumbo loan.

evolovik26 · Posted: Fri Feb 01, 2008 7:35 am Post subject:

he is talking about 5 yr fixed rates and this is blatant advertising

gmakerley · Posted: Fri Feb 01, 2008 8:47 am Post subject:

right on, eugene.

i will agree, however, that jumbo rates are not through the roof, as some would have us believe. in viewing my own rate sheet (even though the market for jumbos is quite soft), rates can be had from 6 on up (with points, of course).

looking back in time, an interest rate of 7 - 7.5% historically has been quite good; so if jumbo loans are in that range, my stance is that they really aren't so bad after all.

i also have a theory about jumbo borrowers (and i don't mean girth) - that theory is that if you are able and willing to take a jumbo loan, you are likely to have the wherewithal to make payments readily regardless of the rate.

charlesarmbruster · Posted: Fri Feb 01, 2008 11:22 am Post subject: Jumbo loan products

Thanks for your feedback -- 5-6% loan products with no-points are available in 1-,3-,and 5-year fixed products, this is true. Homeowners who choose to stay in adjustables will advantage themselves by shopping their favorite bank or broker. If they cannot find these rates, I will be happy to direct them.

My purpose for posting is to encourage lienholders to exhaust their possiblities, as these products are out there. My daily inspection of the media has yet to reveal anyone alerting the general public to these available rates -- 5-yr fixed or not. Everyone is aware of 'high' JUMBO rates, but no one is informing these homeowners that they have real products at reasonable rates waiting for them on inspection.

I'm glad my 'advertising' comment has been deleted. Although this wasn't my intention, I can see that more self-editing should have been used -- my apologies.

Now in my 50's, I learned long ago (at about 18) that awareness is everything. This community works best when it helps to address individual's concerns. I'm happy to be part of it, and I invite your suggestions.

larry · Joined: 27 Jun 2007 Posts: 3079 432.81 Dollars($)

Hi,

Because of the credit crisis in the recent times, the rates have gone down to a great extant. Rates of conforming loans have gone down radically but rates of jumbo loan are still around 6.5 to 7 percent.

Traditionally gap between Jumbo loan and Conforming loan is narrower. But the gap has increased now and it is actually affecting the Jumbo loan borrowers. While the borrowers of Conforming loans can refinance now and reduce a healthy amount in their, monthly payments but Jumbo loan holders will have no gain by refinancing now.

Is there any chance of coming down rates of Jumbo loan.

Thank you,
Larry

Guest 0.10 Dollars($)

I believe the stimulus plan includes raising the maximum value cap for conforming loans in the very near future well above $417k up to $730k depending on your area. You might be better advised to wait for that to occur and skip jumbos all together.

larry · Joined: 27 Jun 2007 Posts: 3079 432.81 Dollars($)

Hi maxpower,

You are right that it is better to wait because value cap for conforming loans may go up in the near future but what about the existing Jumbo loan holders?

Thanks,
Larry

charlesarmbruster · Posted: Fri Feb 01, 2008 7:54 pm Post subject: Jumbo loan products

Since the conversation seems to be amongst ourselves, I still state that a good broker can find Jumbo rates under 6%.

The naysayers in the Community may simply be speaking from their own bank's offerings. I'm befuddled.

Of course, any lienholder may choose to wait as long as he/she feels necessary to make a correction in his/her financing -- however, some people cannot wait with respect to pending adjustments. These homeowners will benefit from searching with a broker.

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.56 Dollars($)

I agree that it is worth waiting to see what will happen to the conforming loan limit cap. This will really open the doors for many to low rate financing. For right now, those purchasing a home or that need to refinance out of an adjustable mortgage rate might not be able to wait. For those, rates are in the 6's which is not bad by historical standards. They have come down from their recent highs.

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