What is a super jumbo mortgage? A super jumbo loan significantly exceeds conforming loan limits published by the Federal Housing Financing Agency (FHFA). A “regular” jumbo mortgage is a mortgage for more than $484,350 in lower housing cost counties. In higher cost counties, “regular” jumbo mortgages are any amount over $726,525. If you want a jumbo mortgage of $5 million or $10 million or more, you’ll have different loan terms and different underwriting standards than loans issued for lower amounts.
Can I get a 30-year jumbo mortgage? What are 30-year jumbo mortgage rates?
If you’ve been looking for super jumbo mortgage rates online, you’ve probably discovered that most, if not all, online mortgage calculators don’t go over $1.5 to $2 million, much less $10 million.
30-year jumbo home loan rates may have higher interest rates than the lowest conforming 30-year mortgage rates you’ll see quoted online. A benchmarked rate uses a survey of the largest mortgage lenders, including banks like Wells Fargo. The benchmark rate will be the median rate from all of the surveyed lenders. For example, you might find rates averaged between the largest home mortgage lenders that include:
- 30-year jumbo mortgage rate: 4.08% with a 4.20% APR
- 15-year jumbo mortgage rate: 3.85% with a 4.05% APR
In jumbo ARM mortgages, you can find more variable rates, including:
- 5/1 ARM jumbo mortgage rate: 3.89% with a 7.11% APR
- 7/1 ARM jumbo mortgage rate: 3.82% with a 6.22% APR
How do you qualify for a super jumbo home mortgage? What are jumbo loan requirements?
Underwriting criteria for mortgages can go on for hundreds of pages. This is one of the most important reasons you should work with a qualified home mortgage specialist. Mortgage loan specialists know the requirements for dozens of different lenders. They can locate the super jumbo mortgage that’s right for you. They can make the qualification process smooth and trouble-free, so you can receive a super jumbo mortgage of $5 million or $10 million to buy the elite property you desire.
When qualifying for a super jumbo mortgage, the entire process differs from the process for conforming mortgages with lower amounts. Your mortgage specialist will help to structure the super jumbo mortgage that best suits your finances and home purchase selection. You can access this concierge mortgage service by working with a mortgage professional who will offer you security, privacy, and confidence to receive the best super jumbo home loan for $10 million or more.