Illinois Jumbo Mortgage ARMs Remain Hot
Although interest rates increased over 1.0% from January 2013 to December 2013, interest rates for jumbo mortgage ARMs in the state of Illinois remain very close to historic lows. Banks and mortgage lenders continue to pursue to jumbo home buyers and refinance borrowers.
In addition to low rates, banks continue to loosen their down payment requirements for new jumbo mortgage loans. United Home Loans offers a jumbo mortgage which allows a buyer to put down as little as 10% on home price of $1,500,000 or less. Of course, this type of borrower must be very well qualified in all other areas such as credit history, employment and reserves.
United Home Loans offers jumbo mortgage ARMs in Illinois with periods of 10 years, 7 years, 5 years and 3 years. This provides a level of comfort for those borrowers – they know their rate cannot adjust during that fixed rate period.
For any question pertaining to Illinois jumbo home loans or any other mortgage loan, please reach out to United Home Loans today at (708) 531-8388.