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15-year fixed jumbo loan

get more loan, pay less interest

Key Benefits

Competitive Rates

Attractive interest rates, often comparable to conforming loan rates.

Build Equity Faster

Shorter loan term allows you to build home equity more quickly than with a 30-year loan.

Flexible Terms

Many lenders offer flexible terms, including down payments as low as 10%.

Exclusive Perks

Often comes with additional benefits, such as access to private banking services.

Jumbo 15-Year Fixed Mortgage Information

The Jumbo 15-Year Fixed mortgage is tailored for borrowers financing properties that exceed conventional loan limits. To better understand how this loan can help you purchase your high-value dream home, you can start by speaking to one of our seasoned experts.

Loan Requirements & Qualifications

  • Credit Score: 700 or higher
  • Debt-to-Income Ratio: 45% or less
  • Cash Reserves: 6 to 12 months' mortgage payments
  • Down Payment: 10% to 15%, potentially higher for larger loan amounts
  • Closing Costs: Approximately 2% of the loan amount

Loan Limits

For 2024, the Federal Housing Finance Agency has set the following limits:

  • Conforming limit: $766,550
  • High-cost areas (e.g., New York City, Hawaii, San Francisco): Up to $1,149,825

Interest Rates

Jumbo 15-Year Fixed mortgage rates are often competitive with conforming loan rates. For the most up-to-date rates, check our website or speak with a loan officer. We update our rates twice daily to ensure you have access to the best deals.

Pros and Cons of Jumbo 15-Year Fixed Mortgages

Understanding the advantages and disadvantages of a Jumbo 15-Year Fixed mortgage can help you make an informed decision.

Pros

  • Competitive interest rates, often close to conforming loan rates
  • Flexible terms, including lower down payment options
  • Exclusive perks, such as access to private banking services
  • Faster equity building due to shorter loan term
  • Fixed rate provides payment stability

Cons

  • Stringent guidelines and strict underwriting requirements
  • Limited availability from select lenders
  • Higher loan limits may not qualify all borrowers
  • Higher monthly payments compared to 30-year loans
  • May require more cash reserves and a larger down payment
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Jumbo 15-Year Fixed Mortgage FAQs

Everything you need to know about Jumbo 15-Year Fixed Mortgages

What is a Jumbo 15-Year Fixed mortgage?

A Jumbo 15-Year Fixed mortgage is a loan designed for financing high-value properties that exceed the limits set by the Federal Housing Finance Agency (FHFA) for conventional loans. Key features include:

  • Loan amounts above the conforming loan limits
  • Fixed interest rate for the entire 15-year term
  • Consistent monthly payments throughout the loan
  • Faster equity building compared to 30-year loans
  • Typically requires excellent credit and strong financial profile
This loan type is ideal for borrowers with high incomes and strong credit who want to finance luxury properties or homes in high-cost areas while building equity quickly.

How do Jumbo 15-Year Fixed mortgage rates compare to conventional loans?

Jumbo 15-Year Fixed mortgage rates are often competitive with conventional loan rates, and in some cases, may even be lower. Here are some factors to consider:

  • Historically, jumbo rates were higher due to increased risk, but this gap has narrowed in recent years
  • The 15-year term typically offers lower rates compared to 30-year terms
  • Rates can vary based on the borrower's credit score, down payment, and overall financial profile
  • Market conditions and economic factors also influence rates
It's important to shop around and compare offers from multiple lenders to find the best rate. At Total Mortgage, we update our rates twice daily to ensure you have access to the most current information.

For personalized rate information based on your specific situation, speak with one of our mortgage experts.

What are the requirements for a Jumbo 15-Year Fixed mortgage?

Requirements for a Jumbo 15-Year Fixed mortgage are typically more stringent than those for conventional loans. While they may vary by lender, general requirements include:

  • Credit Score: Usually 700 or higher, with some lenders requiring 720+
  • Debt-to-Income Ratio: Typically 45% or less
  • Down Payment: Often 10% to 15%, but can be higher for larger loan amounts
  • Cash Reserves: Usually 6 to 12 months of mortgage payments
  • Income Verification: Extensive documentation of income and assets
  • Property Appraisal: Required to confirm the home's value
These requirements ensure that borrowers have the financial capacity to handle the larger loan amounts and higher monthly payments associated with Jumbo 15-Year Fixed mortgages.

For more detailed information about requirements and to check your eligibility, consult with one of our mortgage experts.

How does the application process for a Jumbo 15-Year Fixed mortgage work?

The application process for a Jumbo 15-Year Fixed mortgage is similar to that of other mortgages, but with more stringent requirements. Here's a general overview:

  1. Prepare Documentation: Gather comprehensive financial documents, including tax returns, bank statements, and proof of assets.
  2. Shop for Lenders: Compare offers from different lenders to find the best rates and terms.
  3. Pre-Qualification: Get pre-qualified to understand how much you might be able to borrow.
  4. Application Submission: Complete the formal application with your chosen lender.
  5. Underwriting: The lender will review your application in detail. This process is typically more rigorous for jumbo loans.
  6. Property Appraisal: An appraisal will be conducted to confirm the property's value.
  7. Final Approval: If all requirements are met, the lender will issue final approval.
  8. Closing: Sign the final documents and complete the loan process.
The process may take longer than for conventional loans due to the higher level of scrutiny involved.

For personalized guidance through the application process, reach out to one of our mortgage experts.