Jumbo and Super Jumbo Mortgages

February 15th, 2008 by admin

A jumbo mortgage is a mortgage with a loan amount above the industry-standard definition of conventional conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO). This standard is set by the two largest secondary market lenders, FANNIE MAE and FREDDIE MAC. Jumbo Loans are available for FIRST TIME HOME BUYERS, people looking to “trade up” into their Dream Home, current home owners looking to consolidate debt, home owners looking to cash out equity for investment purposes, and many other scenarios.

The advantage to working with THE SATORI GROUP is we are always dedicated to our commitment of delivering the “lowest total cost mortgage” in the industry. Utilizing the many relationships The Satori Group has established with a nationwide network of Jumbo Loan Lenders, The Satori Group is able to compare and contrast the different types of Jumbo Mortgage Loans and deliver the option which best suits your personal financial scenario.

In addition to the “lowest total cost mortgage” EVERY Satori Group client, that qualifies, also has the option of utilizing our SATORI WEALTH BUILDING SYSTEM™ which has taught our clients some easy to follow “common sense” financial principles enabling to payoff their Jumbo Mortgage Loans in 7-12 years on average!

FOR A LIMITED TIME THE SATORI WEALTH BUILDING SYSTEM™ IS BEING OFFERED FOR FREE TO OUR QUALIFYING CLIENTS! CONTACT US TO SEE YOUR JUMBO LOAN OPTIONS!

You would look at this type of loan when you:

Features

Your loan amount exceeds the current Jumbo Loan limit

Incorporate a sound investment strategy for accelerated principle reduction payments

Generally purchased, guaranteed or securitized by an investing entity other than Fannie Mae or Freddie Mac

Run the Satori Wealth Building System™

On February 13, 2008 President Bush signed an economic stimulus package that temporarily increases the conforming limit to $729,750 until December 31, 2008. These Jumbo Loan limits may differ according to the Real Estate values in your particular region or neighborhood. CONTACT US FOR MORE COMPREHENSIVE INFORMATION

Advantages:

Qualify for the property that you want

Higher amount of Tax deductible interest¹

The ability to leverage a larger amount of security

Good for investing

Disadvantages:

Jumbo loans are often securitized by institutions other than Fannie Mae or Freddie Mac.

These securities carry more credit risk than those issued by Fannie Mae or Freddie Mac, and therefore, trade at slightly higher interest rates.

Jumbo home prices can be more subjective and not as easily sold to a mainstream borrower, therefore many lenders may require two appraisals on a jumbo mortgage loan.