What You Need To Know About Illinois Jumbo Mortgage Loans
Most jumbo mortgage loans require a down payment of at least 20%. However, lender have recently introduced jumbo mortgage financing with down payments as little as 10%. If your purchasing a home in greater Illinois, you can finance up to 90% of the purchase price assuming the price does not exceed $833,000 (maximum loan amount of $750,000. Once your purchase price exceed 1milionl dollars, then 20% down will be required.
When evaluating Illinois Jumbo Mortgage loan options, be sure to consider your short term and long term financial goals and needs. For instance, will there be a change in family income such as going from two wage earners to one? If that is the case, you would want to consider a longer term fixed rate loan such as a 30Yr fixed instead of a 15 Yr fixed which would require a much higher monthly mortgage payment.
United Home Loans provides Illinois Jumbo mortgage loans for the purchase or refinance of your primary residence or second home. Please call us today or click on the following link to start the pre-approval process
If you are in the market for a jumbo home loan in the Chicago land area, or the rest of Illinois, contact United Home Loans today and discuss your options.
Check out our rates below and call us with any mortgage related questions at (708) 531-8388.
Illinois Mortgage Rates
IL 30 Year Jumbo mortgage as of June 20, 2013 4.250%/4.300 APR
IL 15 Year Jumbo mortgage as of June 20, 2013 3.250%/3.276 APR
IL 5/1 ARM Jumbo mortgage as of June 20, 2013 2.625%/2.669 APR
IL 7/1 ARM Jumbo mortgage as of June 20, 2013 3.250%/2.960 APR
Please click this link for APR assumptions and more IL mortgage rates