Best Rate on Jumbo Loans

Hi all! Hope summer is treating you right and that your gardens are enjoying the rains off and on for the past couple days. Jack DeCook, one of the lenders we work with frequently, just sent me a pretty exciting "newsflash" on his rates on Jumbo loans. I was trying to work out with someone the other day what the ceiling is in King County for a jumbo... it's anything over 562K, I was told. It might be going up to a bit over 600K, but for now that's where we are. Jack sent me the following:


We have found a source of funds that is allowing us to produce a jumbo loan that is 1% to 2% lower in rate than most lenders Jumbo rates. For example we are at 6.25% on a 30 year fixed rate loan today with points of 1.5%. This is hard to beat. I have a buyer purchasing a $975,000- home who was unable to find a rate lower than 7.0% after an extensive search. And this was the exception. Most where in the high 7's.

This is a great opportunity to take advantage of the "sale" prices that we are seeing on the more expensive homes in our area. One of the reasons for the high inventory is that the interest rates on Jumbo loans have been so high. This portfolio program that I have found will enable clients to get a jump on the other buyers in our area. For those that have already purchased they can do refinances too.

Here's Jack's contact info if you want to check into this in more detail...he's great and will take as much time as you need to answer any questions you have!

Jack De Cook
Sr. Home Mortgage Consultant
Wells Fargo Home Mortgage
1616 Cornwall Ave. Suite 101
Bellingham, WA 98225
360-676-4709 Tel
877-434-0403 Toll-free
360-319-7119 Cell
866-494-5694 Fax
jack.decook@wellsfargo.com
Please feel free to call me on my cell phone at any time.
Thanks,
Jack


Posted by
Edy Kizaki
Realtor & Team Leader
www.SeattlePowerSearch.com