New York Jumbo Mortgage Rates have dipped recently, particularly with my Company. 30 Year Fixed Rates have dipped to around 5% (5.04% APR) and adjustable mortgage rates even lower on purchase money loans. Contact me or call 908 531 6170 for a direct quote for your particular needs. In the 5 boroughs and the surrounding area, we also offer Jumbo Mortgage Rates for Co-Op loans and Condo loans as well. The easing of the secondary market has been a long time coming. Much of New York "conforming jumbo" loans up to the national high cost maximum of $729,750, according to this link on the HUD website.
The good news is that while we offer great pricing on conforming jumbo mortgages, there are great programs still available for those who either have a loan amount over $729,750 at rates below the 5% threshold in "high cost" areas or those who fall just below the county loan limit in the non "high cost" areas. We like to insure we have access to the best loan programs out there. I was able to price a loan the other day for a 30 Year Fixed Rate at 4.5% (4.55% apr) on a Conforming High Balance loan.
New York Jumbo Mortgage Rates are available currently with a 70-80% 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 20-30% down, we may be able to arrange financing for a jumbo loan. Cash-out refinances and rate reduction refinances also are available to a 60%-75% 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. It is a great idea to really review your particular scenario prior to expecting a rate quote in today's market, so you should expect to contact an experienced mortgage professional and review your scenario in detail prior to receiving loan terms. In today's market, anything else would be less than scrupulous.
There are different terms available for New York Jumbo Mortgage Rates, 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 New York Jumbo Mortgage Rates, 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.
As always, please contact me any time with questions and for a direct quote for your particular loan! Not a commitment to lend.
Michael Byrne
Mortgage Specialist
Contact me at via email naitch6203 at yahoo dot com or phone at 908 531 6170
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