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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.
Refinance
Apply Now
Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
Rates can change fast. See today’s options and discover potential savings on your mortgage.
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.
Rates
Resources
Calculators
Free, interactive mortgage calculators that can help you along the journey toward your home ownership goals.
Blog
Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
FAQs
Check out our FAQs to learn more about Total Mortgage, mortgage lending, home refinancing, and more.
Loan Programs
Navigate all our programs and find the perfect loan for you.
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About
Jumbo 7/1 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
Higher Borrowing Limits
Finance properties above conventional loan limits.
Lower Initial Payments
Enjoy lower payments during the first seven years compared to fixed-rate jumbo loans.
No Mortgage Insurance
Typically, mortgage insurance is not required, saving you money monthly.
Flexibility
Ideal for those planning to sell or refinance within seven years.
Jumbo 7/1 ARM Loan Information
<p>A Jumbo 7/1 ARM is designed for financing high-value properties that exceed conventional loan limits. To better understand how this loan can help you purchase your luxury home, you can start by <a href="/apply">speaking to one of our seasoned experts</a>.</p>
How Jumbo 7/1 ARMs Work
<ul><li>Fixed interest rate for the first 7 years</li><li>Annual rate adjustments after the initial fixed period</li><li>Exceeds conforming loan limits (currently $766,550 in most areas for 2024)</li><li>Designed for high-value and luxury properties</li></ul>
Eligibility Criteria
<ul><li>Credit Score: Typically 700 or higher</li><li>Debt-to-Income Ratio: Usually less than 43%</li><li>Down Payment: Generally between 10% and 20%</li><li>Cash Reserves: 6 to 12 months of mortgage payments</li><li>Income: Higher income requirements compared to conventional loans</li></ul>
Documentation Requirements
<p>Expect to provide:</p><ul><li>Detailed proof of assets and liabilities</li><li>W-2s and tax returns</li><li>Employment verification</li><li>Bank statements</li><li>Investment account statements</li></ul>
Pros and Cons of Jumbo 7/1 ARM Loans
<p>Understanding the advantages and disadvantages of a Jumbo 7/1 ARM can help you make an informed decision.</p>
Pros
<ul><li>Finance high-value properties above conforming limits</li><li>Lower initial interest rates compared to fixed-rate jumbo loans</li><li>Typically no mortgage insurance required</li><li>Flexibility for those planning to sell or refinance within 7 years</li><li>Potential for lower rates if market rates decrease</li></ul>
Cons
<ul><li>Strict qualification criteria</li><li>Higher down payment requirements</li><li>Potential for rate increases after the fixed period</li><li>Higher closing costs and fees</li><li>May require two appraisals</li><li>Complex loan terms may be difficult to understand</li></ul>