Illinois Jumbo Mortgage Rates on Par with Conforming Rates
Unheard of in years past, interest rates for Illinois jumbo mortgage loans are actually lower than rates for their conforming counterparts. As an example, the interest rate for a $750,000 jumbo 7/1 ARM with 25% down is actually .25% lower a conforming loan amount of $417,000 or less. This is a good sign for the mortgage market as banks, pension funds and private money compete for jumbo mortgage backed securities which are now considered a little less risky than they were just a few years ago.
Most Illinois jumbo mortgage lenders will require a down payment of at least 20%. However, one lender recently introduced a jumbo mortgage loan that would allow a 10% down payment for loan amounts of $750,000 or less. According to Mike Dulla, President of United Home Loans, banks are really stepping up efforts to court the jumbo mortgage borrower: “as 30 year fixed interest rates have gone above 4%, refinance applications have essentially dried up. This means banks really need to focus on attracting purchase money mortgage business by selling to prospective home buyers. The jumbo mortgage client is very enticing to banks, not only for the higher mortgage amount, but for the possibility of cross selling additional bank products. All of these factors lead to lower jumbo mortgage rates”.
United Home Loans offers Illinois jumbo mortgage loans to $2,000,000, and in some cases higher.
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 July 31, 2013 4.490%/4.506 APR
IL 15 Year Jumbo mortgage as of July 31, 2013 3.625%/3.652 APR
IL 5/1 ARM Jumbo mortgage as of July 31, 2013 2.875%/2.754 APR
IL 7/1 ARM Jumbo mortgage as of July 31, 2013 3.375%/3.018 APR
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