Million Dollar Jumbo Home Loans

Nationwide is a mortgage banker from California who offers jumbo mortgage loans for purchase, refinance or loan modifications with non-conforming loans from $417,000 to $3,000,000. Homeowners can choose from negative amortization, fixed rate, interest only or payment option ARM's with our non-conforming loans.

Jumbo home loans are provided with a variety of refinancing options. Choose from fixed simple interest 30-year terms to negative amortization options that allow borrowers to defer interest with (see lender) mortgage rates for the intro period.


Check Out our Low Rate Jumbo Home Loans

Increased Jumbo Mortgage Limits for Purchase or Refinance

Jumbo mortgages with interest only options offer a fixed rate for the specified period before converting to an adjustable rate mortgage with traditional principal and interest payments for the remaining term. Jumbo mortgage refinance products remain in high demand, so if you are ready to start saving call Nationwide today. FHA now offers a super jumbo for qualified applicants, so discuss your eligibility now, while interest rates remain at record lows.

Fixed rate jumbo loans offer the most security for homeowners because the interest rate is locked for the entire term and every payment goes towards paying back the principal owe on the mortgage. Regardless of the payment option chosen, rest assured that you are getting a competitive interest rate with reduced fees with all jumbo loans from Nationwide Mortgage Loans.

What is the maximum loan to value for house worth 3 million dollars? In most cases, 60% to 70% Loan to Value is the maximum. However, borrowers with credit scores over 700 who can document their income showing liquid assets for 6 months PITI may qualify for financing up to 80%.

What is maximum loan amount allowed for full documentation borrower with good credit? We offer jumbo home loans up to 3.5 million if you can document your income and allow us to verify seasoned assets.

How do I qualify for a "no money down" million dollar loan? This has become difficult, because most lenders are tightening their guidelines for million dollar jumbos to 80% financing. However, if you can document your assets and have credit scores over 720, you may qualify for 95% financing. Call for program availability.

Compare Rates on Jumbo Home Loans on Amounts up to 3 Million

Jumbo home loans, non-conforming loans above the Fannie Mae and Freddie Mac lending limits of $729,750, are about the only way you can purchase a home in desirable areas like Southern California. The San Diego Housing Commission reports the average price of a new home has jumped from almost $245,884 in 1996 to $861,759 in 2006, indicating that housing costs have more than tripled over the last 10 years. Million dollar home loans aren't just for the rich any more. As housing prices continue to escalate, they are becoming more commonplace.

Housing prices in Southern California, Hawaii, Florida and other such areas even exceed the $750,000 cap on jumbo loans. As a result, a new type of loan has hit the real estate market called the "super jumbo" mortgage loan. Unlike conforming mortgages, jumbo and super-jumbo loans don't have to conform to standard mortgage underwriting guidelines. This is how lenders can provide exotic loans like interest only loans and hybrid adjustable rate mortgages (ARMs), like the Jumbo 5/1 ARM which allow you to pay interest only for five years, and the payment option ARM, a deferred interest loan that helps increase a homebuyer's purchase power while keeping payments more affordable.

Useful Refinance Tips from the Mortgage Refinance Experts
Mortgage Refinance Guidelines - As home mortgage rates are on the rise, now may be your last chance of refinancing your variable rate home equity line of credit (HELOC) or adjustable rate mortgage (ARM) into a fixed interest rate mortgage loan.

Nationwide offers low rate mortgage refinance loans that will help you start saving money each month. Debt consolidation is often the first step for homeowners to uncover significant savings, because credit cards carry compounding adjustable interest rates.

These loans offer payment choices where the homebuyer can pay a minimum payment that doesn't cover the interest, interest only payments, full principal and interest (full amortization) payments or payments that allow the buyer to pay the mortgage off early. Payment option ARMs are also known as negative amortization (NegAm) loans because the unpaid interest on minimum payments is simply tacked onto the balance of the loan. Also, when the interest rate resets to a higher rate with a NegAM ARM, the mortgage payment doesn't change. It also gets tacked onto the loan balance. After a short period of time, the balance owed will exceed the purchase price rather than the principal gradually decreasing like conventional mortgages (the process of amortization).

In comparing negative amortization payments versus interest only payments, you'll find that your payments could end up spiking quite a bit higher than with an interest only loan when the negative amortization loan recasts to a fully-amortizing schedule. This can happen as early as 2 years into the mortgage. The exact time it occurs varies with payment, current indices, as well as margins and terms set by the lender. Recasting could cause your payments to double or triple with a Neg-Am loan.

If you need to increase your purchase power, you should consider interest only as your option. If you can afford it, try getting a fixed-interest super jumbo loan for lowered interest which will save you a lot of money in the long run.

Important Mortgage Refinancing Loan Terms
Refinance
Interest Only Mortgage
Second Mortgage Refinance is a term used for either a "cash out 2nd mortgage" or the refinance transaction of an existing home equity loan or an equity line of credit in second position. In most cases, the primary focus is to convert any adjustable rate loans into a fixed rate amortization or to simply lower the monthly payment by reducing the interest rate.

Interest Only Mortgage – Most borrowers are shocked with the monthly payments for traditional principal and interest jumbo loans. Interest only payment options allow borrowers to make a reduced payment monthly with only the interest portion being due. Interest only is allowed usually for the first 10 years or the draw period for most loan programs.

Fixed Rate Mortgage
Adjustable Rate Mortgage
(A.R.M.)

Fixed Rate mortgage refinancing usually have fixed terms with specific amortization schedules. (loan terms range from 15, 20, 25 30 or 40 years) The mortgage rate and the monthly payments are the same every month until the jumbo home loan is paid in full.

Adjustable rate mortgage home loans are also known as variable rate loans, because the interest rate varies over the term of the loan depending on market conditions. Most adjustable rate mortgages (ARM) offer a reduced introduction interest rate that often eases the payment shock of million dollar jumbo loans.

*Home mortgage loan approvals are subject to submitting an application to Nationwide Mortgage Loan Company.

The essential conditions for approvals are underwriting qualifications such as: verification of income, employment, assets and other information like obtaining an acceptable property.

Resource Tools

Loan Comparison Calculator
This calculator will help you to compare the total mortgage interest charges of 4 types of loans.

Refinancing Calculator
Analyze the benefits of refinancing. Get help calculating the monthly payment and discover the net interest savings. It will also calculate how many months it will take to get a return on investments for the mortgage loan costs.


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Free Finance Guides & Helpful Consumer Reports

Take advantage of our free guides and disclosures that help consumers with conforming and jumbo home loans.

Home Purchase Guide
ARM Rate Mortgage- Guide
Consumer Guide -Rate Locks

 

Additional Refinancing Pages:
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BD Nationwide Mortgage, 515 Encinitas Blvd. Ste 100, Encinitas, California 92024
Please be aware that this is not an advertisement for credit as defined by paragraph 226.24 of regulation Z. Nothing on this site contains an offer to make a specific home loan for any purpose with any specific terms. This is a web-site and no loans can be guaranteed as loans and rates are subject to change. Nationwide is affiliated with national lenders and a federally chartered bank located in Maryland licensed to offer home loans in all 50 states. Copyright 2001-2011 and Beyond, Nationwide Mortgage Loans - BDnationwidemortgage.com is a website and cannot make loans. All rights reserved.