So lately I have been watching a unique loan program that has hit the market specifically for folks who owe more then the $417,000 that conforming loans allow for in loan size.
There has been a new program put out that has rates as low as 4.625% for a 5/1 ARM and 5.5% on a 30 year fixed.
I have a client who is currently in an interest only adjustable rate mortgage where we will be dropping their payment over $400 per month and on top of that the new payment will be amortized thus reducing the principal from there as well. The net savings will be over $400,000 in interest savings on the life of their home loan.
It is somewhat restrictive in who can qualify, but if you are looking to better your cost of money on your jumbo mortgage let me know~ But also feel free to check out the mortgage calculators to see the impact to your mortgage.