Here at MortgageBase, we specialize in providing a variety of jumbo and super jumbo loans, including our interest only loans. One of our most popular home loan products is our interest-only, 10-year a…Read More
Interest Only Super Jumbo Mortgages
An interest only mortgage can lead you to the house of your dreams, and it can lead you to financial freedom and flexibility.
During the interest only portion of the mortgage term, you’ll only be required to pay the interest on your super jumbo mortgage. This home loan option allows you much more financial freedom during the interest only portion of the loan life. Most interest only super jumbo mortgages have an interest only period of 10 years. Again, during this period, you’ll only be required to pay the interest on your super jumbo mortgage.
Interest Only Super Jumbo Mortgages & ARM’s
Interest only super jumbo mortgages are considered adjustable rate mortgages – or ARMs. Since your interest only super jumbo mortgage is also an ARM, your rates are liable to change after an initial fixed rate term. ARMs can have an initial fixed rate term of five, seven, or 10 years. Thereafter, the interest rate on your interest only super jumbo mortgage may change according to an index. The index is based on a third party analysis of the current home market. Interest rates can increase, decrease, or remain stagnant after the initial fixed rate period.
Super Jumbo vs. Jumbo Mortgage Loans
MortgageBase offers interest only super jumbo mortgage loans, as well as interest only jumbo mortgages. Our interest only super jumbo mortgage loans are home loans that exceed $650,000, whereas jumbo mortgage loans may be between $417,000 and $650,000 in amount. Both loans are available as a home equity line of credit, or HELOC. You can utilize an HELOC to gain financial flexibility.
Paying Down Your Interest Only Super Jumbo Mortgage
After the initial fixed interest period, your monthly home loan bill will increase. Since you’ll be required to pay down your principal, as well as the interest accruing on your mortgage loan, your monthly mortgage bill will be higher than the initial interest only period. For this reason, interest only super jumbo mortgages are an excellent option for those who expect an increase in their pay or expect to earn a lump sum during the term of their loan. Again, you can also utilize an interest only super jumbo mortgage as a home equity line of credit as well. If you’re looking to purchase a home with a high pricetag; if you’re looking to make major improvements on your home with an HELOC; or if you’re simply looking to gain financial flexibility with an HELOC, an interest only super jumbo mortgage may be the ideal route.
Additional Information About Our Loan Products
If you’re further curious about interest only super jumbo mortgages, you can get in touch with a MortgageBase representative to learn more. Or, if you’d like to get a rate quote, feel free to navigate to our jumbo and super jumbo rate quote page. MortgageBase is your source for home loans. We offer a variety of mortgage products, all at competitive rates. Count on us for your upcoming home loan or refinance!