Jumbo Mortgages Available for the Pristine BuyerSeptember 29, 2011
Banks are competing harder for borrowers seeking “jumbo” mortgage loans in amounts up to $1million or more. According to Gibralter Private Bank & Trust’s, Chief Lending Officer, Chris Damian, “The big banks have gotten back into the market and everybody is really chasing that wealthy client that wants to buy a big home. “ Potential buyers with “perfect credit, with strong liquidity, high net worth and a lot of income can basically command whatever rate they want right now”.
Bankrate.com, a publisher of financial news and information in North Palm Beach, reported last week that the average interest rate on a 30-year jumbo loan was 4.85 percent. Bank rate usually defines jumbos as mortgage loans in amounts of $417,000 or more.
Source: Daily Business Review