fixed 30 yrs? jumbo vs conform?
i talked with a chase mortgage officer and they told me the maximum i can borrow is $417k for a 1 famly house in nyc for a 30 yrs fixed conform loan. the conform rate is 6.25%. the 2nd option is take out the maximum for conform loan and then take our an 2nd mortgage which has about 12% rate. the last option is a jumbo 30 yrs. fixed rate which has 6.75.%
wow i didnt know all about this. i just though 30 yrs fixed is 30 yrs fixed. but now there is conform, 2nd mortgage, jumbo etc. if i go to another mortgage broker like countrywide, would they tell me this also? thx in advance.
Yes, any loan above 417k is considered a jumbo loan. Anything below that (no matter who the lender is) is a “conforming loan”.
Since you do not state how much of a loan you are looking to take out, I assume it to be over 417K.
It might be best to take out the “jumbo” loan, but run the figures each way and see what gives you the lowest payment with the best options.
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