Higher Limits = Lower Mortgage Payments

The legislation to adjust the level for “Jumbo Loans” is expected to take effect as early as next week.  This is great news for borrowers.  Loans as high as $729,000* will qualify for the lowest interest rate offered (*the loan cap will be calculated on the average sale price in a region- final cap for our area to be determined).  This will be a dramatic increase over the current cap of $417,000.

For example, on a $700,000 mortgage, the lower interest rate = savings ranging from $300 to $500 per month.

Talk with your lender for more specifics.  I am happy to provide names/contact information for reputable lenders with experience in the Avalon and Stone Harbor market.  E-mail request to:  ann@anndelaney.com