Unbelievable Rates on Jumbo Loans
05/10/2008

Mortgage Crisis Hits Jumbo Loans Hard

One area hard hit by the mortgage crisis was Jumbo Loans. While the “Jumbo limit” was raised in areas of the country considered “high cost”, the Jumbo limit remains at $417,000 here in Atlanta. Loans over that amount have always had higher interest rates, but before the crisis the spread was only about .25%. After the crisis, the spread increased overnight and it’s now not uncommon to see rates of 8% for a Jumbo loan.

New Jumbo Loan Announcement

Primacy Mortgage is pleased to announce that we are working with a new Investor, and we are now offering unbelievable rates on Jumbo Loans. We are offering 5/1 and 7/1 Jumbo ARMs (rates is fixed for either 5 or 7 years), with rates in the low 5’s! On top of the incredible rates, the product offers several enticing features:

• Lowest Rates - 1% LOWER than anyone. While conforming fixed rates have dropped, Jumbo Fixed Rates are astronomically high, around 7.5%. Most lender’s FIXED-ARM rates average 6.625% or higher. Primacy Mortgage is now offering unbelievable rates on Jumbo Loans - in the low 5’s!
• Free Rate Lock - Rates are locked for 60 days … Most rate locks are based on a 30-day closing. For 31-60 days you pay a fee of roughly 0.25% of the loan amount.
• Free Continuous Rate Float Down - If interest rates drop … we’ll lower your rate. And we’ll continue lowering your rate each time they drop up until a week before closing. And it’s all for free … This removes the guessing about when to lock since you are guaranteed the best rate.
• Safest Initial Adjustment Cap - Most loans have adjustment caps of 2% … so your rate can never go up or down more than 2% each year. But here’s the trick … 90% of all FIXED-ARM’s have a 5% INITIAL Adjustment Cap. This means after the initial fixed period (5 to 7 Years) the rate can JUMP up by 5%. In one day your payment could double. Primacy Mortgage’s Jumbo Fixed ARM has a low 2% Initial Adjustment Cap in addition to the low 2% yearly cap. It doesn’t get any better.
• Interest Only Feature – For only a 1/8% increase in rate, you can choose an interest only feature and lower your payments by about 20%. There is never any negative amortization.
• Credit and Downpayment - This loan isn’t made for everyone … you must have a minimum 10% to 20% down payment (exact down payment requirement varies with credit score) and GOOD CREDIT … at least a 680 credit score.
• No Asset Verification – Regardless of whether you’re Refinancing or Purchasing a home you don’t have to provide any bank statements or asset documentation. So, no matter where your down payment is coming from there is no need to document it or even state it.
• Easy Qualifying Income vs. Debt Ratios – Income requirements have been eased to allow up to a 45% ratio … most lenders have reduced this to only 40% … With our lower rate and liberal debt ratio you can qualify for more home.

If you need to refinance your Jumbo loan, call us today to see how this new product may meet your needs.

If you are buying a new luxury home, you can save literally thousands with this product over the competitors offerings. Call us today to learn more!