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Interest Only Jumbo MortgageInterest only jumbo mortgage products have a mortgage amount above $417,000 and are an excellent choice. Interest only jumbo mortgage products are designed to offer the lowest payment possible as you are not paying toward the principal. Interest only jumbo mortgage products may allow you to buy more home than with a fully amortizing mortgage. Make additional payments toward your mortgage at any time. If you do, your next payment will be lower as it is calculated on the current mortgage balance. This is different than with a fully amortizing mortgage where any additional payments are not accounted for until the end of the mortgage. Email interest only jumbo mortgage questions. Interest only jumbo mortgage products were originally designed for individuals whose income is cyclical. For example, a sales executive with a relatively low base salary and commissions would benefit from an interest only jumbo mortgage. You have the lowest possible payment during months when no bonus is paid and you can make contributions to the mortgage balance when the bonus is paid. However, I am seeing individuals in many situations choosing an interest only jumbo mortgage as a method of lowering their payment, sometimes significantly. Interest only jumbo mortgage products are available for a 30 year term, with the first 5 or 10 years interest only and the final 20 to 25 years fully amortizing. I am now seeing some progressive lenders offering this option on Interest only jumbo mortgage ARMs. Reduced documentation Interest only jumbo mortgage products are readily available as well. Again, an interest only jumbo mortgage is not the right choice for everyone, but it can be a very effective choice for some individuals. Please give me a call or send an email and I will be happy to discuss this alternative with you. An example of how powerful this tool can be: If you want to make the comparison for your own specific situation, calculators to find the amortizing payment are available on this website. The math to find the interest only jumbo mortgage payment is, Loan Amount x Interest Rate / 12. Many lenders offering interest only jumbo mortgage products are now basing them on the LIBOR Index. There are many variations of this important product group. Read more about Libor ARMS. Of all of the interest only jumbo mortgage programs available, the Cash Flow Interest Only Jumbo Mortgage offers the greatest flexibility by far. I have just developed a short PowerPoint presentation in .pdf format on interest only jumbo mortgage products, some real world examples, and some suggestions on how best to use them available by email Read more about Interest Only Jumbo Mortgage Closing Costs I have an article "Buying your home in 2008" by email explaining negotiating strategy in today's market. As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come. Read more about this free, no obligation service. New! View my Wealthbuilder presentation and learn the safe way to manage your debt and fund your retirement. I hope the information on this page was useful to you. Please scroll down to view my Mortgage Market Guide. It is a weekly publication explaining the financial markets from a consumer's perspective that is available on this website or by email subscription. I have nearly 8,000 subscribers today and would be happy to have you as well. Your email address will never be used for any other purpose.
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