Jumbo mortgage loans are capable of luxury 2nd home where the buy rates exceeds the fresh new conforming financing constraints lay because of the Fannie mae and Freddie Mac. Such loan models normally have more strict being qualified conditions and may even features highest interest rates than compliant money.

Interest-only mortgages

With an interest-merely financial, individuals pay just the interest part of their mortgage payment getting a flat months, generally 5–ten years. [Read more…]