Hurdles shrink for jumbo loan shoppers
You'll pay more for a big home nowadays, but a big mortgage should be less of a reach. For the first time in over 20 years, rates on jumbo mortgages are at or below rates on conventional mortgages. Jumbo rates usually run one-quarter to one-half of a percentage point higher, but lenders eager for wealthier customers are making deals. And last year, Wells Fargo and Bank of America cut minimum down payments to 15% from 20%; some competitors did too.
Read article - CNN Money
You'll pay more for a big home nowadays, but a big mortgage should be less of a reach. For the first time in over 20 years, rates on jumbo mortgages are at or below rates on conventional mortgages. Jumbo rates usually run one-quarter to one-half of a percentage point higher, but lenders eager for wealthier customers are making deals. And last year, Wells Fargo and Bank of America cut minimum down payments to 15% from 20%; some competitors did too.
Read article - CNN Money
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