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II The VA does not use the term “jumbo loan.” It will guaranty loans for sums higher than the Fannie/Freddie conventional loan limit, but they do not use the word “Jumbo. As for the guaranties higher than $417,000, they are sensitive to the location of the property.
If not for the long term bond auction today’s mortgage rates likely would have risen. The argument over a current economic recovery is likely to continue. The fact is signs of stabilization continue are now daily occurrences.
There is an addition to these rates; a percentage above the prime rate and about 10% above the LIBOR are the interest rates for people with a good credit rating. For cases of bad credit, there are more add-ons. A home equity loan carries an interest rate similar to a jumbo mortgage and can be obtained easily by people with bad credit.
If your goal is to purchase a home to live in it for at least 30 years it is best to get a 30 year fixed mortgage. This will allow your new home to be fully paid off over a 30 year period. After 30 years you will only have the loan paid off but you will also have equity that was obtained. Over the history of the real estate industry, housing pricing has shown incredible returns for their owners. Many other options are also available such as lower fixed periods, ARM, and jumbo home loan. Your mortgage professional will best fit you with your loan type.
Look into various lending sources such as banks and mortgage brokers. Websites like Lending Tree and E-Loan provide easy one-stop shopping, but it may be worth the effort to do some footwork. Keep in mind the loan costs, including the mortgage interest rates, broker fees, points (each point is one percent of the amount you borrow), application fees, credit report fee, and appraisals–just to name a few.
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