For a family looking to refinance into the lower rates of today by Jumbo Mortgage means, or those families looking to buy a home with the help of a jumbo mortgage.
The target goal here is to give you an idea of what kind of interest rate with a certain value home one can get in Frisco when contacting the right mortgage consultant, so you can plug in the right money for your needs. Additionally, you may find here what a payment may look like for your mortgage if your future home meets similar criteria to this one.
Purchase Price: $1,000,000
Non-conforming or Jumbo Loan amount: $800,000 (this is assuming a 20% down payment of $200,000)
Interest Rate: 5.5% (paying no points)
APR (for the purpose of RESPA and HUD laws when making an estimate in public): 5.517%
In this estimate, because of what is customary or more typical, I assumed that the seller of the home was paying for the title policy and the survey. The total dollar amount to close on this purchase estimate would have been roughly $209,255…that would take care of the down payment ($200,000), and the cost associate with closing ($9,255, includes first year of home owner insurance, title fees, lender fees, appraisal, etc…). The monthly payment NOT including the taxes and insurance was $4,542 a month. This was a 30yr loan with a fixed rate…no bells,,,no whistles.