We recently rolled out a new product for high balance and jumbo loans – basically anything over the conventional limit. We are so excited about this option because the interest rates are great. Obviously, interest rates are driving everything right now.
New Adjustable Rate Options
These are full-doc jumbo products. But we are seeing adjustable rate mortgages (ARMs) that are significantly better than anything other lenders are offering right now. You can get these ARMs in 5, 7, 10, and 15-year adjustable rates.
Some people are a little nervous about ARMs, and I’ve been clear on my opinion: I’m a bit skittish as well. But I think that most mortgages we are doing right now will likely get refinanced when rates get better in the future.
Solutions for High Balance and Jumbo Loans
We looked at ARMs for the past year or so as rates have continued to go up. The problem is that ARMs have been at the same rate or even higher than conventional loans with fixed interest rates.
Even though we haven’t had the opportunity to use ARMs, now we have this new product for high balance loans and true jumbos. We can do these loans with as little as 10% down. This is an aggressive product… who do you know that is looking in the higher end of the market? This is going to be an amazing opportunity.
If you know anyone in this range, then we’d love to talk with them. Reach out any time for more information about the available options. Our team at Franklin Loan Center is always happy to answer questions and discuss the possibilities.