One of the challenges in specific markets or when purchasing a dream home is the ability to qualify for a mortgage. In some cases, the potential buyer may qualify, the continued mortgage payments over 30 years may seem like a daunting amount when there is always the risk of changes in the economy that could impact earning potential.
In the past, people looking for larger homes or homes in high-value markets often had to face high jumbo 30 year fixed mortgage rates coupled with the need for very high down payments on the property. Today, this has dramatically changed with both aspects of the mortgage market, providing more buyers with the option to purchase these homes.
What may come as a pleasant surprise to many potential home buyers is the low level of the jumbo 30 year fixed mortgage rates. These loans, depending on the mortgage company and the buyer’s ability to qualify, may have rates that are as low or even lower than those found with conventional loans.
Additionally, to make these homes even more promising, larger down payment has been eliminated, allowing the buyer to close the deal with as little as 10 to 15% of the purchase price rather than the 30% required even a few years ago.
For buyers with the income qualification, which is still more rigorous than for conventional loans, will typically find there is a good demand for their business. Taking the time to shop around for both traditional types of lenders as well as online mortgage companies will provide the best jumbo 30 year fixed mortgage rates.
Keep in mind, as with any fixed rate 30-year mortgage, refinancing will be possible at a future date should rates drop again. However, with the great deals on the market, most home buyers can be confident their jumbo loan is going to a competitive rate for years to come.
To learn more about the current jumbo 30 year fixed mortgage rates and qualification requirements, talk to the lending experts at Guaranteed Rate. Information and calculators to help compare your loan options can be found Guaranteed Rate online.