July Deal: Jumbo home loans at 4.375%, no points or fees
Smarter Mortgage is offering one of July's best deals on jumbo home loans to borrowers in 23 states across the country.
It's charging 4.375% for a fixed-rate mortgage with no points or lender fees, for purchases and refinancings.
Unfortunately, that's up from the 4.00% in last month's featured jumbo deal. But the increase reflects the fact that all mortgage rates took a jump in June.
Smarter Mortgage is charging more than a quarter of a point less than the current national average of 4.66% for 30-year jumbo mortgages.
Click here to compare this deal with the best mortgage rates from scores of other lenders in your area.
Jumbo loans are mortgages that are too large to be purchased by Fannie Mae and Freddie Mac, the two government-owned companies that buy or guarantee most of the mortgages issued by banks and other lenders.
The largest loans they can buy depend on where the homes are located but range from $417,000 in most places to $625,000 in the nation's most expensive cities.
With the Smarter Mortgage jumbo deal, your principal and interest payment would be $499 a month for every $100,000 borrowed.
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.
Smarter Mortgage (www.smartermortgage.com) is an online lender that's been included among Inc 5000's fastest-growing, privately held companies three years in a row. It enjoys an A+ rating from the Better Business Bureau.
Based in Powell, Ohio, Smarter Mortgage is licensed to write loans in Arizona, California, Colorado, Connecticut, Florida, Georgia, Indiana, Kentucky, Maryland, Michigan, Minnesota, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin.
To qualify for this loan, you must:
- Need to borrow between $417,000 and $2,000,000.
- Have a credit score of at least 740.
- Pay taxes and interest into an escrow account.
- Have 20% equity in your home if you are refinancing or make a 20% down payment on a purchase.