in a mortgage loan what jumbo fixed rate exactly means?
- Asked By: MoneyTactics
- Category: Jumbo Mortgage
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Debdeb
Posted 3 months ago
You probably already know what a fixed rate is. It’s a rate that will not change. The payment for principal and interest will remain the same for the life of the loan, although the ratio between them will change every month. Your taxes and insurance will almost certainly change over the years, and if you escrow the total payment will probably change sometimes…but never the interest rate.
A jumbo loan is one for $417,000 or more. If you buy a $600,000 house, and only put down $100,000, you will need a jumbo loan. If you put down $200,000 you will get a conventional loan. We’re kind of conservative with jumbos, and the interest rate is usually higher. You need a pretty good credit score and debt ratio too.