Wednesday, July 17, 2013

Minnesota Jumbo Mortgage Rates

The jumbo mortgage market in the land of ten thousand lakes is on fire. Rates for Minnesota jumbo mortgage loans (over $417,000) are as competitive as rates for Minnesota conforming loans (up to $417,000). For example the interest rates for a Minnesota jumbo 30-year fixed mortgage is 4.375%/4.407 APR, which is only .125 higher than a conforming 30-year fixed mortgage. In addition, some Minnesota jumbo ARMs are actually lower than a conforming ARM.

Banks and lenders continue to continue to pursue home buyers in Minnesota who are in need of a jumbo mortgage. Banks view these clients as a relatively low credit risk, and as a potential client for additional bank accounts and products.

Underwriting guidelines for Minnesota jumbo mortgage loans have eased a bit recently. While it is considerably easier to get approved for a jumbo loan today than it was two or three years ago, you still need to be pretty well qualified to get approved. Below is a list of documentation that you will typically need to provide for jumbo mortgage approval:

· 2011 and 2012 W2s, K1s (if applicable)

· 2011 and 2012 federal tax returns (all pages)

· Pay stubs covering the most recent 30-day period

· Bank and investment statements covering the most recent 60 day period

· Copy of the executed sales contract

Please call United Home Loans with any questions you may have with Minnesota Jumbo or conforming home loans. Call (708) 531-8388

Minnesota Jumbo Mortgage Rates
MN 30 Year Jumbo mortgage as of July 17, 2013 4.375%/4.390 APR
MN 15 Year Jumbo mortgage as of July 17, 2013 3.500%/3.515 APR
MN 5/1 ARM Jumbo mortgage as of July 17, 2013 2.990%/2.807 APR
MN 7/1 ARM Jumbo mortgage as of July 17, 2013 3.375%/2.985 APR

Please click this link for APR assumptions and more MN mortgage rate

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