Illinois Jumbo Mortgage Rates: Still Near Record Lows
Although rates for conventional loans (loan amounts of $417,000 and less) have increased considerably over the last few months, rates for Illinois jumbo mortgage loans remain very close to historic lows. As banks continue to battle for jumbo mortgage loan business, lenders and banks have reduced margins and lowered rates for jumbo mortgages to almost the same rate as their conforming counterparts.
Illinois jumbo mortgage loans range from $417,001 to $2,000,000. In some cases, banks may lend higher than $2,000,000 but those jumbo mortgage loans have very strict qualifying guidelines. Typically, banks will require a minimum of 20% down for most jumbo loans. However, some banks are starting to loosen that requirement and are offering jumbo mortgage loans with lower down payment requirements.
Mike Dulla, President of United Home Loans, sees an increased demand for jumbo mortgage loans and thinks that banks will continue to come to market with innovative jumbo mortgage lending programs for Illinois home buyers. According to Dulla, “one notable lending institution that we work with has recently introduced a jumbo mortgage loan that only requires a 10% down payment and no private mortgage insurance for sales prices up to $833,000”. He adds, “this type of program is really important for anyone who is selling their home and will not make as much on the sale as they initially hoped, which is basically everyone who purchased from 2002 through 2008”.
United Home Loans offers Illinois jumbo mortgage loans in addition to Illinois FHA loans and conforming loans. Please call today with any questions you may have at (708) 531-8388 or leave a comment below.Illinois Jumbo Mortgage Rates
IL 30 Year Jumbo mortgage as of July 23, 2013 4.490%/4.506 APR
IL 15 Year Jumbo mortgage as of July 23, 2013 3.625%/3.652 APR
IL 5/1 ARM Jumbo mortgage as of July 23, 2013 2.990%/2.807 APR
IL 7/1 ARM Jumbo mortgage as of July 23, 2013 3.375%/2.985 APR
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