Jumbo Loans

Lendability.com is in the Jumbo business!  First, let's define a Jumbo loan...any non-government loan for more than $417,000 is considered a Jumbo loan and has rates that are different than a loan for less than $417,000.  While some lenders have completely abandoned the Jumbo loan or charge rates between 7.00% and 9.00% in some cases, Lendability.com offers not only a very competitively priced 30 year fixed but other options as well.  And not only great rates, but loans up to $3,000,000!!  For example, our 30 year fixed is priced at 6.35% with 1 point as of 1/12/09.  For lower rates, adjustable rate mortgages ( ARMs) are available as well....as short as 3 years, but as long as 10 years.  Here's how they work.  All are based on 360 months (30 years ) to keep the payments reasonable.  Your rate is fixed (can't go up or down) during the period you select--options are 3, 5, 7 and 10 years.  Using the 5 year as an example, your rate is fixed for the first 5 years.  For the remaining 25 years of the 30 year loan, your rate will be adjust once per year, either up or down, for the next year 25 years and stays fixed for that one year period until the next year's adjustment--and so on.  There are limits on how much the loan can adjust each year as well as over the life of the loan, so you are protected.  You can sell your home or refinance at any time, generally at no penalty.  Jumbo ARMS are very popular today, as they allow you to get a rate as low as 5%, fix it in for a period, and wait for the market to normalize.  Once 30 year fixed rates line up more with non-Jumbo rates, you can simply refinance.  Need more information?  Lendability.com's senior advisors are standing by 14 hours a day to assist you with your Jumbo needs.