Jumbo Mortgage Loan Rates at 4.875%

If you are planning to buy a luxury home in the heart of New York City, you may need a jumbo mortgage loan versus a conventional mortgage loan. A jumbo mortgage loan is a loan amount that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac. With the mortgage rates declining, the same trend can be seen with jumbo mortgage rates giving some relief to high end borrowers.

Conforming limit can differ from location to location, for most parts of the nation $417,000 is the conforming limit. High cost areas such as the Westchester, NY Los Angeles, CA  has a conforming limit up to $729,750. Any loan amounts higher than these are considered jumbo loans.

The criteria for getting a jumbo loan is more stringent than conventional mortgage loans, because of the higher loan amount as well as the risks related to it. A higher down payment of at least 20 percent, high credit score, and monthly mortgage payment not to be higher than 38 percent of the income before taxes are some of the requirements to get a jumbo mortgage loan.

Total Mortgage has some of the lowest jumbo mortgage rates in the nation. At Total Mortgage a 30 year fixed jumbo mortgage is available at 4.875% (5.098% APR) and a 15 year fixed jumbo mortgage rate is available at 4.000% (4.349% APR). If you have been thinking of buying that vacation home or a beach house lock these low rates before they are gone.

You can also check the conforming loan limit for your area with our Conforming Loan Limit Mortgage Calculator. For more information on jumbo mortgage rates and other mortgage products please call 877-868-2503 to speak with a licensed mortgage professional.

Mortgage rates are always changing, jumbo mortgage rates above are quoted at 11:30 A.M., on September 3, 2010.

*All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice.