Illinois Jumbo Mortgage Rates Still Near Historic Lows
Jumbo mortgage loans for higher end properties located in suburbs such as Hinsdale, Clarendon Hills, Western Springs, LaGrange, Naperville, Barrington, Winnetka, Lake Forest, Glenview and other similarly priced locations are still very affordable. As a matter of fact, rates for jumbo 30 year fixed mortgage loans are less than .5% off of their all time lows as of April 14, 2011. The 15 year fixed jumbo is also near historic bottom.
While getting approved for a jumbo mortgage loan in Illinois is not as easy as it used to be, most homeowners are getting approved for their jumbo home loan if they have 25% equity, solid credit history (700 or higher),consistent employment and assets to cover approximately 12 months of mortgage payments.
It is wise to compare all costs and fees associated with your Illinois jumbo mortgage quote in addition to the rate. And, don’t forget to ask about pre-payment penalties. Many jumbo adjustable rate loans still require a one or possibly two year pre-payment penalty. Obviously, this can prove costly if rates drop and you would like to refinance your jumbo mortgage ARM or fixed rate loan.
If you have a jumbo mortgage in Illinois, please call ore-mail United Home Loans for additional information. We are always willing to provide a free Mortgage Rate Quote and a complete Cash to Close Estimate that will include all of your closing costs. Or, click Get a Quote on our website.0 We are eager to earn your business by providing thorough and accurate information to all of our potential clients.