FHA and Investor Specialist

Super Jumbo Mortgage Rates have recently ticked down just a bit, giving hope that we have seen the end of the tightening of the secondary market.  At First Interstate Financial, we have several investors who will underwrite and fund loans with competitive Super Jumbo Mortgage Rates.  Our secondary marketing department is always on the lookout for the best loan programs available.

Rates and terms vary with larger loans, as no two super jumbo loans are the same.  In most of our market area we can offer intermediate term adjustable rate mortgage loans (5 and 7 year ARMS) with rates varying from as low as the mid 4 percent range to low 5 percent range.  Fixed rate programs are available in some market areas as well.  To qualify for the best Super Jumbo Mortgage Rates, consult with an experienced mortgage professional who has experience in closing super jumbo mortgage loans.  I am always available to schedule a no-obligation, no-cost consultation to see if any of our mortgage programs may be a good fit for you.  My goal is to customize a loan program to give you the best available Super Jumbo Mortgage Rates.

Super Jumbo Mortgage Rates are for loan amounts typically of $1,000,000 to $10,000,000 or more, and are generally available only for Owner-Occupied properties and/or second homes.  Typically one should have stellar credit, some liquid asset reserves, and verifiable income in order to qualify for Super Jumbo Mortgage Rates.  Be prepared for a review appraisal to be performed on your property and in many cases a full second appraisal may be done to ascertain the value of your property.

Now is still an excellent opportunity to take advantage of low Super Jumbo Mortgage Rates for purchases or refinancing.

Michael Byrne

First Interstate Financial Corp.

908-531-6170 Phone

NJ Mortgages Mercer County NJ Jumbo Mtgs  NJ Jumbo Mtgs Stated Income Mortgages

* Not a commitment to lend.  Rates subject to change without notice.  Equal Housing Lender. Terms may vary by market area.  Not all programs offered in all licensed areas.  Licensed in CA,CO,CT,DE,FL,GA,MA,MI,MO, MT, NJ, NY,PA,TX,SC,VA

     Jumbo ARM Mortgage Rates have ticked down a bit as of late, giving hope that much needed liquidity is being added to the secondary market.  At First Interstate Financial Cop., we have successfully added several investors that offer excellent Jumbo ARM Mortgage Rates.  These programs are offered in a limited geographic area, so it is important to check with a mortgage specialist to ensure the loan program is offered in your area.  As of the close of business on 8/21/2009, the following fully amortized Jumbo ARM Mortgage Rates were available*:

10/1 ARM  5.25%    5.11% APR*

7/1 ARM    4.75%    4.61% APR*

5/1 ARM    4.5%      4.36% APR*

     These Jumbo ARM Mortgage Rates assume an owner-occupied property and are subject to qualification.  There are various loan-to-value qualifications, asset requirements, income requirements, and credit requirements as well.  Since we at First Interstate Financial Corp. are fortunate to offer 4 different programs that have Jumbo ARM Mortgage Rates, you may qualify for a different program.  There are programs available for second home financing, cash-out refinances, construction loan take-outs, and purchase money financing.  We can offer loans for amounts up to 3 Million or higher, depending on your scenario.  Some prudent consumers see the benefit in utilizing an interest-only ARM option to make prepayments on their mortgage balance.  Interest-only options are available as well in many areas.

     It is important when considering Jumbo ARM Mortgage Rates that one carefully reviews their own financial situation and future plans.  A short-term ARM loan is not always a great fit for the consumer, and a reputable mortgage professional should always take into consideration a homeowner's goals for considering an adjustable rate mortgage loan.  Additionally, consumers should review the margin, index, and caps of any proposed adjustable rate mortgage loan they are considering.  I wrote this article  primarily for those currently with ARM loans, but it explains the basics of adjustable rate mortgage financing.

     All in all, low Jumbo ARM Mortgage Rates are not for everyone.  But for those with specific goals and those aware of the inherent risks, this program can be utilized as a great tool for saving money.

Michael Byrne

First Interstate Financial Corp.

908-531-6170

* Not a commitment to lend.  Rates subject to change without notice.  Equal Housing Lender.  Licensed in CA,CO,CT,DE,FL,GA,MA,MI,MO,MT, NJ, NY,PA,TX,SC,VA

NJ jumbo mortgage loans are getting a little easier to obtain these days.  The easing of the secondary market has been a long time coming.  Some counties have reaped the benefits of the Fannie Mae loan limits being raised, with many areas in NJ offering "conforming jumbo" loans up to $729,750.  However, many counties such as Mercer, Atlantic, Burlington, Cape May, Camden, and other Counties in NJ still have conforming jumbo loan limits in the 400 range.  The good news is that are great programs still available for those who either have a loan amount over $729,750 in "high cost" areas or those who fall just above the county loan limit in the non "high cost" areas. At First Interstate Financial, we act as both a broker and lender to insure we have access to the best loan programs available.

NJ jumbo mortgage loans are available currently with an 80% loan to value up to a 1 million dollar loan amount for fully documented loans, with strong credit, and asset reserves.  This means on a purchase transaction, if you can put 20% down we may be able to arrange financing for a jumbo loan.  Cash-out refinances and rate reduction refinances also are available to an 80% Loan-to-Value, based on an appraised value.  Loan amounts greater than 1 million dollars are also available.  Please contact me directly for quotes and terms.

 There are different terms available for NJ jumbo mortgage loans, such as the traditional 30, 20 and 15 Year Fixed terms as well as adjustable rates such as a 5/1, 7/1, and 10/1 Adjustable Rate Mortgage (ARM) program.  There are also interest-only options available for these NJ jumbo mortgage loans, for those that prefer that option.  I have found that many consumers prefer an interest-only option when paying down their loan in an accelerated manner, as the payment re-amortizes monthly.

Also available for NJ jumbo mortgage loans is a stated income program designed solely for self-employed borrowers. Terms are constantly changing, so contact me directly for terms.

For a free no-obligation consultation, please contact Michael Byrne below.

Michael Byrne

First Interstate Financial Corp.

800-999-2489 x7972

908 531 6170 Cell

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