Rates are Great! Interest Rates that is.
From time to time I share the latest details on Interest Rates.
I recently came across this great product that a few of my client went just gaga over. It’s a Jumbo, 5/5 ARM.
Now before to raise your eyes and say NO ARM (adjustable rate mortgage) see the details.
The unique feature of the program is that it only adjusts once every 5 years. It has a 2% cap for each adjustment and a 5% cap over the life of the loan.
The start rate today is only 2.625%!!!
– Loan amounts from $417,001 to $3,000,000
– Minimum 720 score
– Purchase, Cash out, or rate/term refinances allowed
– Available for primary residence, second/vacation home and condos
– Maximum cash out is $400,000
– 80% LTV w/ outside seconds up to 85% or 90%
– 5% minimum investment on primary residence. Gift funds are allowed for the remainder of down payment
– Six months reserves required for primary residence
– 2 appraisals required for loans over $1,000,000