Myers Park National Lending Center is offering borrowers with good credit a particularly good deal on jumbo loans.
The mortgage broker based in Charlotte, N.C., is charging just 4.25% for a 30-year, fixed-rate mortgage with no points and $895 in lender fees to borrowers in California and nine other states, plus the District of Columbia.
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.
They largest loans they can buy depends on where the home is located, but range from $417,000 in most places to $625,000 in the nation's most expensive cities. If you need to borrow more than that, then you'll need a jumbo loan.
The interest rate Myers Park is offering is more than a quarter of a point less than the current national average for jumbo loans.
The principal and interest payment would be $492 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 the loan off.
Myers Park enjoys an A+ rating with the Better Business Bureau.
It writes loans in California, Connecticut, Georgia, Indiana, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Virginia and the District of Columbia,.
To qualify for Myers Park's best interest rate, you'll need a credit score of at least 780, have a down payment that covers at least 25% of the property's purchase price or hold at least 25% equity in a home you're refinancing.
Click here to compare this deal with the best mortgage rates from scores of other lenders in your area.
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