Take advantage of jumbo home loans at just 3.375%
Investors Home Mortgage is offering one of April’s best deals on 30-year fixed-rate jumbo home loans to borrowers in seven states.
It's charging just 3.375% for a purchase or a refinance, with no points, $890 in lender fees and a 60-day rate lock.
That interest rate is almost two-fifths of a percentage point below the national average for 30-year fixed-rate jumbos used to purchase a home — 3.76% with 0.24 points and $938 in fees, according to Bankrate's latest survey of major lenders.
It’s more than two-fifths of a percentage point below the national average of 30-year fixed-rate jumbos used to refinance a home — 3.79% with 0.16 points and $993 in fees.
The average cost of these loans has held steady over the last two months. With interest rates on jumbo home loans near historic lows, it’s a great time to get a jumbo mortgage.
You’ll find home loans from Investors Home Mortgage in Connecticut, Delaware, Florida, New Jersey, New York, North Carolina and Pennsylvania.
Not available where you live?
This deal still serves as a great blueprint to follow. Find a deal like this, and you’ll know you’ve found a winner.
You can get started by searching Bankrate's database for the best mortgage rates from scores of other lenders in your area.
What are jumbo home loans?
Jumbo loans are mortgages that are too large to be purchased by Fannie Mae and Freddie Mac, the two government-owned companies that buy most of the mortgages issued by banks and other lenders.
The largest loans they can buy depend on where the home is located but range from $417,000 in most places to $625,500 in the nation's most expensive cities. If you need to borrow more than that, then you'll need a jumbo loan.
How much will it cost?
With this loan from Investors Home Mortgage, your principal and interest payment for a purchase would be $442 per month for every $100,000 borrowed, or $3,537 per month for an $800,000 loan.
You can use our mortgage calculator to determine the monthly payments for the amount you want to borrow with this or any home loan.
It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe if you want to pay off the loan.
Check to see how much house you can afford here.
About Investors Home Mortgage
Investors Home Mortgage is headquartered in Short Hills, NJ.
To qualify for these low rates, you must:
- Have a credit score of at least 740.
- Have at least a 20% down payment if you are purchasing a home.
- Have at least 20% equity in your home if you are refinancing.
- Borrow more than $417,000 in most areas, or more than $625,500 in high-cost areas.
- Borrow a maximum of $3 million.