One type of mortgage you might apply for when purchasing a home in Florida is a jumbo loan. This type of loan is necessary if you want to borrow more than you can with a conforming loan.
In Part 1 of our FAQ series on jumbo loans, we answered a few questions about down payments, qualifications and closing times for jumbo loans. In this post, we will answer a few more questions we frequently receive about jumbo mortgages.
FAQs About Jumbo Loans
- Q: Does a jumbo loan have a fixed rate or an adjustable rate? A: You can get a fixed rate jumbo loan or an adjustable rate jumbo loan. It is up to you to decide which type of mortgage to apply for based on your needs. With a fixed rate, you have predictability. But with an adjustable rate, you have the convenience of a low introductory rate.
- Q: How much can I borrow with a jumbo loan? A: That depends on both the mortgage company you are working with and your individual qualifications. The only way to find out the cap is to schedule a consultation. Once you share your financial details with us, we will be able to tell you how much you are likely to be able to borrow with a jumbo loan.
- Q: What is the interest rate on a jumbo loan? A: As with the maximum amount for a jumbo loan, the interest rate is determined by individual factors. Both your qualifications and market rates will affect the interest rate on your jumbo loan.
- Q: How do I know if I need a jumbo loan? A: To find out whether a jumbo mortgage is necessary, you need to look up the conforming loan limits for the county in Florida where you are buying a home. If you need to borrow more than the limits allow, then a jumbo loan is required.
Apply For a Jumbo Loan in Florida With Lending Bankers
During your consultation, we can give you detailed answers to all of these questions as they pertain to your particular scenario. If you are ready to get started, please call 786-220-1100.