Borrowers who looking to finance loan amounts exceeding conforming loan limits may need to take out a non-conforming jumbo loan. One of the most popular jumbo loan products is a 30 year fixed rate jumbo mortgage. These fully amortizing loans require that principal and interest be repaid, in full, over 360 month terms. While taxes, insurance, HOA dues, and other home related obligation may vary during the course of a loan, one’s monthly principal and interest payment will not.
In many parts of the US, any loan over $417,000 will require a non-conforming loan solution. There are exceptions to this range for certain areas of the country with higher home prices such as Alaska and Hawaii where the conforming loan limits exceed $417K. Loan programs greater than $650,000 are typically categorized as ”super jumbo” mortgages and some of the companies listed in the survey may offer a variety of programs for these loans as well.Check Today’s Mortgage Rates
Some 30 Year Non-Conforming Loan Benefits:
- Protects borrowers against fluctuations in rate for the entire length of the mortgage (360 months).
- Monthly reduction of principle balance
- Simplifies budgeting process by providing consistent payment schedule
- Payments will likely be considerably lower than other shorter term fixed rate products due to the extended amortization period of the loan.
Check today’s 30 year jumbo mortgage rates and closing costs – See Current Rates
Use the rate table below to check 30 year pricing. You’ll want to verify with the various companies whether your scenario qualifies.
Whether you are looking for a $500,000 for a bungalow in San Diego, a $650,000 for a historic home in Charleston, or a $1,000,000 for an oceanfront estate in Miami, ForTheBestRate.com is your source for researching 30 year fixed jumbo mortgage rates from some of the Nation’s leading mortgage bankers, brokers, lenders, and credit unions.
30 year jumbo loans are available for both refinancing and purchasing residential real estate. Down payment, credit, and underwriting requirements will vary by company. Most lenders offer these loans for residential properties including single family homes, 2-4 unit multi-family residences, condominiums, and townhouses. Rates for condos are often higher as lenders look at condominiums as a slightly riskier investment due to higher default rates. Interest rates are also typically higher for homes used as second (vacation) residences and investment properties. Due to all of the variables involved, we recommend calling and speaking with some of the 30 year jumbo mortgage lenders featured in the rate survey to obtain the most accurate quotes for your unique situation.
Other Jumbo Mortgages & Super Jumbo Loans