Jumbo Loans

Gilbert AZ Jumbo Loans

Over the last couple of years as banks have had troubles, jumbo loans in Gilbert can be more difficult to find. Gilbert AZ jumbo loans are often done by local lenders now as the larger national lenders have retrenched and focused on the mortgage products that Fannie Mae and Freddie Mac will buy.

In Gilbert, any loan that is over $417,000 can be considered a Jumbo Loan.

When shopping for a jumbo loan here in Gilbert, lenders will generally have a “high-limit” that jumbo mortgages can go to – but you will generally find that it will vary from lender to lender.  Chances are that if you call multiple lenders, you will get multiple answers who have different maximum loan amounts. However, generally speaking, we have found that the average maximum loan amount is about $2,000,000.

Gilbert AZ Jumbo Loans: Interest Rates

What kinds of interest rates can you expect when getting a jumbo loan in Gilbert? Generally speaking, you can expect that jumbo loans are generally about 1/4% – 1%  higher than those loans on conforming-under-$417,000 loan amounts. In other words, if a Fannie Mae conforming, 30-year fixed rate is at 6%, you can expect your jumbo mortgage rate to be at 6.25% or 7%.

Notice the word “generally” above. There really is no set rule when it comes to estimating jumbo loan mortgage rates so it makes sense to speak to more than one lender. Often times, a particular lender will want to increase their jumbo loan portfolio and may run a “special” on a particular product.  While at the exact same time a different lender may want to reduce the number of jumbo loans in their portfolio and will raise rates accordingly.

Are you in the market for a jumbo loan product? Call us today with any questions you have – we are happy to help and live right here in Gilbert.

Comments on this entry are closed.