New York Jumbo Home Mortgage Loans
Jumbo mortgages and High Balance Loans are home loans that exceed the maximum loan amount limit that Fannie Mae/Freddie Mac have set. New York Jumbo mortgages are common due to the average home prices in the state being higher than other states in the U.S. Currently a High Balance loan limit is at $625,500.00 for one unit and a Jumbo loan is anything over $625,500.00 to $1 Million dollars.
Advantages of Jumbo Mortgages
- Available for homes that sell for more than conforming loan limits
- Get lower loan payment by calling us
- Can have a tax advantage: despite paying at a higher interest rate, you may not have to pay a tax on such rates.
Disadvantages of Jumbo Mortgages
- Interest rates are higher than traditional conforming loan limit
- Higher down payment required with higher credit history and higher income
- Can be risky because of the large amount one can be allowed to borrow through different pay options
Lion Mortgage knows that many homes in New York require a Jumbo mortgage for purchase or refinance. If you are looking for a Jumbo home loan we can offer you great mortgage rates in New York for Jumbo mortgages. Contact us today or apply online and we will advise you on our current Jumbo mortgage opportunities.
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