Jumbo Mortgage Orlando and Super Jumbo Mortgages
A Jumbo Mortgage is a mortgage that exceeds current agency limits of $417,000.
A Super Jumbo Loan is a mortgage that exceeds $1,000,000.
Our products along with our commitment to customer satisfaction make us a premier source for your mortgage.
Colonial mortgage has a variety of Jumbo and Super Jumbo loan programs.
The programs are as follows:
30, 20, and 15 year fixed rate mortgages - Offer stability for your mortgage during the entire life of the loan. These loan amounts are generally limited to $3 million but can go higher on a case by case basis. If rates go up you are protected with a fixed rate mortgage, however, you won't benefit when rates go down unless you refinance.
Fixed Term ARMs - Adjustable Rate Mortgages
have an initial fixed period of 3, 5, 7 or 10 years. During
this period the rate and payment do not change. After the
initial fixed period the interest rate and payment can change
depending on the index that the adjustments are tied to along
with a set margin. Following are the two most popular indexes
used to determine the new rate of interest after the fixed
term:
- LIBOR Index: LIBOR stands for "London Interbank Offered Rate", which is the interest rate offered by many London Banks for dollar deposits. These deposits (and the indexes) are for 1, 3, 6 or 12 month durations. Generally, if your initial rate is fixed for more than 6 months (for example, 3, 5, or 7 years), the rate will then adjust after this fixed period either every subsequent 6 months or 12 months.
- Treasury Index: An index based on the auctions of U.S. Treasury bills, or on the U.S. Treasury's daily yield curve. It is commonly used in determining mortgage rates for mortgages with an unfixed component and as a performance benchmark for investors in the capital markets as it represents a rate of return that investors would be able to get from almost any bank, with minimal effort. Treasury indexes are proprietary. The calculations of treasury indexes and their components vary by the financial institution calculating the index.
Interest Only Mortgages - We offer everything from 1 month adjustables to 7/1 adjustables to 30 year fixed rate loans with initial interest only payments. The interest only period can vary from 3 years to 10 years after which time your payment is both principal and interest amortized over the remaining term of the loan.
Pledged Asset Mortgages - Under these programs you pledge liquid investments in lieu of a down payment or equity. This means you can finance 100% of your home purchase without liquidating a single account. This also allows you to avoid capital gains from liquidating assets, maximize your mortgage interest deduction and avoid mortgage insurance.
Option ARMs - Allow you to choose the payment that you want to make each month, from the minimum to the fully amortized. Generally your initial minimum payment is based on a very low rate, however, your real rate of interest is higher, allowing for negative amortization. These ARMs can adjust either on a monthly or quarterly basis.
Fixed Term Option ARMs - Enjoy the benefit of having your rate and payment fixed for 5 years and the flexibility of an Option ARM. As of this posting, the note rate for fixed term option ARMs are actually lower than the fully indexed rate of normal option ARMs.
Call us today to request a custom quote for your situation. You will deal directly with our expert staff.
Jumbo Mortgage in the Orlando, Fl area call 877-895-4556
