Jumbo ARM Mortgage Rates

Jumbo ARM Mortgage Rates have ticked down a bit as of late, giving hope that much needed liquidity is being added to the secondary market. At First Interstate Financial Cop., we have successfully added several investors that offer excellent Jumbo ARM Mortgage Rates. These programs are offered in a limited geographic area, so it is important to check with a mortgage specialist to ensure the loan program is offered in your area. As of the close of business on 8/21/2009, the following fully amortized Jumbo ARM Mortgage Rates were available*:

10/1 ARM 5.25% 5.11% APR*

7/1 ARM 4.75% 4.61% APR*

5/1 ARM 4.5% 4.36% APR*

These Jumbo ARM Mortgage Rates assume an owner-occupied property and are subject to qualification. There are various loan-to-value qualifications, asset requirements, income requirements, and credit requirements as well. Since we at First Interstate Financial Corp. are fortunate to offer 4 different programs that have Jumbo ARM Mortgage Rates, you may qualify for a different program. There are programs available for second home financing, cash-out refinances, construction loan take-outs, and purchase money financing. We can offer loans for amounts up to 3 Million or higher, depending on your scenario. Some prudent consumers see the benefit in utilizing an interest-only ARM option to make prepayments on their mortgage balance. Interest-only options are available as well in many areas.

It is important when considering Jumbo ARM Mortgage Rates that one carefully reviews their own financial situation and future plans. A short-term ARM loan is not always a great fit for the consumer, and a reputable mortgage professional should always take into consideration a homeowner's goals for considering an adjustable rate mortgage loan. Additionally, consumers should review the margin, index, and caps of any proposed adjustable rate mortgage loan they are considering. I wrote this article primarily for those currently with ARM loans, but it explains the basics of adjustable rate mortgage financing.

All in all, low Jumbo ARM Mortgage Rates are not for everyone. But for those with specific goals and those aware of the inherent risks, this program can be utilized as a great tool for saving money.

Michael Byrne

First Interstate Financial Corp.

908-531-6170

* Not a commitment to lend.  Rates subject to change without notice.  Equal Housing Lender.  Licensed in CA,CO,CT,DE,FL,GA,MA,MI,MO,MT, NJ, NY,PA,TX,SC,VA