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Super Jumbo Mortgage                                                                                                                               

Super Jumbo mortgage products are above $650,000 and super jumbo mortgage products fall into several categories:

  • Fixed rate super jumbo mortgage- Term is for 30 or 40 years.
  • ARMs- Adjustable Rate Super Jumbo Mortgage products have a fixed rate for a time period usually 1, 3, 5, 7, or 10 years followed by an annual rate adjustment. Following the initial fixed period, the new super jumbo mortgage rate is determined by adding a margin to an index. For example, a common index is the 1 year Treasury Index. If your ARM has a margin of 2.750 (margins can vary from 2.500 to 3.000) and the index was at 5.33 your new rate will be 8.080%. Super Jumbo Mortgage ARMs can be an option if you select a term appropriate for your plans. Several clients have adopted a strategy where they determined that the low rate associated with a 1 year super jumbo mortgage ARM saves them more money than the cost of an annual refinance. The Cash Flow Super Jumbo Mortgage is another viable option when looking at a super jumbo mortgage. Interest only super jumbo mortgage products also available.

Conforming vs. Jumbo vs. Super Jumbo mortgage

The current conforming limit is $417,000. Any loan above that is considered a Jumbo loan and is subject to an interest rate premium as well as some additional underwriting restrictions. A Super Jumbo Mortgage is above $650,000 and while they do require a small pricing adjustment, they will require a greater equity stake in the property. A common strategy to lower overall interest costs if your purchase or refinance balance is above either limit is to use a combination of both first and second mortgage money, referred to as an 80/10/10 or 80/15/5. Every situation is different, but it is one more option to consider.

Many of my clients in the super jumbo mortgage market are converting from fully amortizing payments to an interest only approach with a significantly lower monthly payment. I have some extensive information in the interest only section.

We offer you the ability to qualify and close into several unique programs which accommodate borrowers with non traditional income or asset situations. Please visit my Super Jumbo No Doc Mortgage page.

Please email me with questions about your super jumbo mortgage

Read more about Super Jumbo Mortgage Closing Costs

I have a page on how to calculate your qualification ratios.

I have a page on documentation requirements.

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.