Lowest Jumbo Mortgage Rates | The Maryland Mortgage Broker

Get The Best Mortgage Rates Possible Buying a home is a big dream for everyone out there; therefore, it’d be right to say that it is quite an adventure to begin with. You might be surprised to learn that while the lowest 30-year jumbo mortgage rates were just over 3% last year, they are now over 5%. Try to raise your credit score Keep in mind that the better the interest rate, the higher your credit score. Several reports and surveys indicate that lenders offered borrowers with credit scores of 760 or higher an average APR that was 16 basis points less

than the rate for borrowers with scores between 680 and 719. Get your finance in order A lender will want to assess how likely it is that you will repay the loan, and in order to figure that out, they are willing to go beyond your credit score and dig deep into your finances. In order to obtain the best and lowest 15 year jumbo mortgage rates, you must pay down significant debts, if any, and develop a thorough understanding of your overall financial situation based on your income. Make sure to save big for the down payment It should go without saying that putting down a larger amount will result in lower interest rates since the lender will be taking on less risk. If you put more money down, you won't have to pay private mortgage insurance, which, if you put less down than 20%, can run from 0.05% to 1% of the initial loan amount annually. CONTACT US HERE: Website: https://www.themarylandmortgagebroker.com/jumbo-loans/ Phone Number: (240) 308-5097 Address: 5001 Forbes Blvd suite H7, Lanham, MD 20706