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Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
Purchase Rates
Know the rates, know your options. Start building your homeownership plan today.
Monthly Mortgage Calculator
Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
Affordability Calculator
Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
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Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
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Refinance Mortgage Calculator
Wondering how refinancing will affect your monthly payments? See how much you can save.
Cash-Out Refinance Calculator
See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
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Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
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About
Jumbo 10/1 ARM
<p class="MsoNormal">This program offers an extra low initial interest rate for loan amounts over $424,100 (or $636,150 in some areas). </p>
Benefits
Lower Initial Rates
Enjoy lower interest rates during the first 10 years compared to fixed-rate jumbo loans.
Higher Loan Limits
Finance high-value properties that exceed conventional loan limits.
Future Flexibility
Option to sell or refinance within the initial 10-year fixed-rate period.
Potential Savings
Save on interest during the fixed-rate period and potentially benefit from future rate decreases.
Jumbo 10/1 ARM Loan Information
<p>The Jumbo 10/1 ARM is designed for borrowers seeking larger loan amounts that exceed conventional limits. To better understand how this loan can help you finance a high-value property, you can start by <a href="/apply">speaking to one of our seasoned experts</a>.</p>
How Jumbo 10/1 ARMs Work
<ul><li>Fixed interest rate for the first 10 years</li><li>Annual rate adjustments after the initial fixed period</li><li>Allows financing for properties exceeding conventional loan limits</li><li>Potential for lower initial payments compared to fixed-rate jumbo loans</li></ul>
Borrower Eligibility
<ul><li>Down payment: Up to 10% of the property value</li><li>Credit score: Minimum of 580</li><li>Debt-to-income ratio: 50% or less</li><li>Cash reserves: At least six months' worth of monthly payments</li><li>Employment proof: Evidence of steady income</li></ul>
Attractive Financing Options
<ul><li>Financing available up to $5,000,000 or more, depending on the lender</li><li>Low initial interest rate for the first 10 years</li><li>Typically negligible prepayment penalties</li><li>No private mortgage insurance for loans with up to 90% loan-to-value ratio</li></ul>
Pros and Cons of Jumbo 10/1 ARM Loans
<p>Understanding the advantages and disadvantages of a Jumbo 10/1 ARM can help you make an informed decision.</p>
Advantages
<ul><li>Lower initial interest rates compared to fixed-rate jumbo loans</li><li>Flexibility to sell or refinance within the initial 10-year period</li><li>Higher loan limits for financing expensive properties</li><li>Potential for lower adjustments if market rates decrease</li><li>Attractive financing options with minimal prepayment penalties</li></ul>
Disadvantages
<ul><li>Annual rate adjustments after the initial 10-year fixed period</li><li>Potential for fluctuating payments based on market interest rates</li><li>Adjusted rates influenced by linked index and borrower's financial history</li><li>Unpredictability of future rates can lead to budgeting challenges</li></ul>