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Find Low Rates on Jumbo Loans

Online Source: Informa Research Services

(01/28/2011) Many potential home buyers in high cost areas are forced to use jumbo mortgage loans, which typically carry a higher interest rate, to finance their home purchase. However, thanks to the Economic Stimulus Act of 2008, the conforming loan limits were extended for certain designated regions. Informa Research Services suggests that homeowners use online rate tables to find the best conforming and jumbo rates to finance their home purchase.

The Economic Stimulus Act heightened the conforming loan limits in certain areas, which means that these loans, referred to as super conforming loans, may carry with them lower rates than non-conforming, or jumbo, mortgage loans. These super-conforming loans may be ideal for home buyers who are looking to take advantage of historically low rates despite the high loan balance.

Nonetheless, even if you are not looking for a super conforming loan, using online rate tables to find the lowest rates being offered by lenders who serve your area. Online rate tables, such as those found on ERATE.com, feature low rates and quality lenders. Many of these lenders offer loans with rates well below the historically low national average. For instance, AimLoan.com currently offers their 30 year fixed conforming rate at just 4.5% (with no points), which is almost 0.5% lower than the current national average according to Informa Research Services.