Have you noticed that the jumbo 30-yr rate is now VERY close to the 30-yr conforming rate? Jumbo adjustable rate mortgages are also extremely attractive. Lenders are aggressively courting the jumbo mortgage borrower, in a push to develop potential additional banking relationships (i.e., portfolio management) with the more affluent consumer. Although the jumbo loans have a lower percentage-per-loan return to the investor, the lender can make as much or MORE (in dollars) on jumbo loans. The competition in the jumbo market has increased 500% – 600% in the past year. Typically, jumbo mortgages are geared to the Primary Residence borrower, and are limited to a maximum 80% loan-to-value. In the past few months, second homes have been added to the loan offerings, but pricing is a little higher. As well, loan-to-value limitations are less than 80%, depending upon the lender and borrower profile. It’s always interesting to see how lenders discover new pockets of profits, and then how they compete for those dollars – stay tuned for yet new developments in the jumbo markets.
|
DIMOND MORTGAGE RATES* FOR Primary Residence (purchase only) As of 08/04/2014 *Programs require borrowers meet specific qualifications, not limited to credit scores, income, debt ratios, and other lender guidelines |
||||
| FIXED RATE Mortgages to $417,000 (Conforming) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.125% |
4.250% |
4.25% |
4.292% |
| 15-YR |
3.25% |
3.468% |
3.50% |
3.572% |
| FIXED RATE Mortgages $417,001 – $2,500,000 (Jumbo) | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 30-YR |
4.25% |
4.356% |
4.625% |
4.646% |
| 15-YR |
3.75% |
3.932% |
N/A |
— |
| ADJUSTABLE RATE Mortgages to $417,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.125% |
6.298% |
3.50% |
6.559% |
| 7/1 ARM |
3.375% |
6.008% |
3.625% |
6.154% |
| ADJUSTABLE RATE Mortgages $417,001 – $2,500,000 | ||||
|
w/ 1 Point |
APR |
w/ no Point |
APR |
|
| 5/1 ARM |
3.50% |
6.624% |
N/A |
— |
| 7/1 ARM |
3.75% |
5.156% |
N/A |
— |
|
Mortgages up to $2,500,000, other ARM Products & Interest Only programs are also available – Please call for Quotes. |
||||
Ginger Bowe Sullivan
Dimond Mortgage
1000 Cordova Pl, #56
Santa Fe, NM 87505
Phone: 505-629-1499
Fax: 505-214-5360
Website: www.nmmortgage.expert