Ready to land a big home run, but interest rates are keeping you from hitting it out of the park? With a jumbo mortgage, you’ll be back in the game with low rates for your super-sized loan. Sound like an all-star kind of offer? You bet it is! Our Home Loan Experts at Quicken Loans offer maximum flexibility on fixed or adjustable rate loans over the conventional limit of $417,000. Apart from being able to borrow at a lower rate, here are some of the great features you’ll get with a jumbo loan:
- The ability to refinance or purchase up to $3,000,000 (excluding FHA and VA loans)
- The security and flexibility of available FHA jumbo loans; refinance up to 97.75% or purchase for as little as 3.5% down
- Added value on available VA jumbo loans; refinance up to 90% and pay no money down on a purchase
- An opportunity to pay your mortgage at any time without pre-payment penalties
Hey, we can’t all conform, right? When a loan amount is higher than the conforming limit, it becomes a jumbo loan. In 2010, Fannie Mae and Freddie Mac set the limit on the maximum value assigned to a conventional loan at $417,000. If you live in Alaska, Hawaii, Guam, or the U.S. Virgin Islands, your jumbo limit is bumped up to $625,500.
Is a Jumbo Mortgage Right for You?
Seeking low rates, but looking at a big loan? A jumbo mortgage will get you the flexible rates and terms you need, while assuring a quick turn-around on your purchase or refinance. Whether you’re looking to refinance a home over $417,000 with a 30-year fixed-rate, adjustable rate, FHA, or VA loan, the jumbo loan from Quicken Loans is an awesome choice!
Does This Home Loan Option Work With Your Financial Goals?
Looking to go big and go home? We understand, and we’re here to help you refinance or purchase your property whether you’re a first-time home buyer, financing a vacation home, or simply looking for a better rate. Quicken Loans has you covered!