Alaska
Home Loans - Jumbo
Mortgages
You can call
our mortgage brokers toll free at 888-694-0455 or appy
online. Our licensed mortgage brokers will get you the best
rate on an Alaska jumbo loan for your luxury home. There is no obligation.
- Jumbo mortgages
are categorized as loans in excess of $322,700.00 for single-family
residences
- Fixed rate
loans always vary in price between conforming and jumbo loan amounts
although some adjustable rate mortgages have much higher limits
prior to altering the pricing
- Available
up to 4 million dollars
- Construction,
purchase, refinance or refinance with cash-out O.K.
- We are luxury
home specialists!
The interest
rate on our Jumbo Mortgages are nearly as low as our conventional
Mortgages. Another way to get the best rate is to consider an Adjustable
Rate Jumbo Mortgage. These are frequently much lower, depending
on short term rates. Jumbo Mortgages are our specialty!
Home loans are
classified in a wide variety of ways. They can be classified by
the amount loaned, whether the interest rate can be adjusted or
not, the length of the payback period and so on. A fairly common
and simple term to understand is the jumbo loan.
A jumbo loan,
is a loan that exceeds the maximum dollar amount guidelines set
by FANNIE MAE, for a single family loan limit. Effective January
1st, 2005, this limit is $359,650 in all states except AK and HI.
The limit is $539,475 in AK and HI. Most lenders use the Fannie
may guide when underwriting loans over these set limits.
A jumbo loan
is simply a mortgage in excess of the amounts set by government
backed agencies that buy or guarantee loans. Companies such as Freddie
Mac, Fannie Mae, HUD, etc. will guarantee the purchase of a loan
from a lender if certain conditions are met. A discussion of those
conditions is beyond this article, but one of them is the amount
being borrowed. Depending on the agency in question. If the amount
you are borrowing is less than this amount, then it is known as
a conforming loan. If you need to borrow more, the loan is known
as a non-conforming loan or “jumbo” loan.
Given the higher
risk from the perspective of the lender, you can expect to be treated
a bit differently. In this case, lenders are going to charge higher
interest rates than you would be able to get with a conforming loan.
Before you panic, keep in mind we are talking about a quarter of
a point in interest. For example, a conforming loan for $300,000
may have an interest rate of 5.5 percent whereas the same borrower
will have to pay 5.75 percent if they borrow $800,000
A Jumbo Mortgage
is a mortgage with a loan amount above conventional loan limits.
Jumbo Mortgages apply when agency (FNMA and FHLMC) limits don't
cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC)
are large agencies that purchase the bulk of residential mortgages
in the U.S. They set a limit on the maximum dollar value of any
mortgage which they will purchase from an individual lender. Currently,
this limit is $322,700. This leaves a portion of the market to look
elsewhere for placement. Other large investors, such as insurance
companies and banks, step in to fill the need with maximum mortgage
amounts going to the one million or two million dollar range. The
average interest rates are typically greater than normal for conforming
mortgages, and vary depending on property types and mortgage amount.
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