Aug 30 2008
The power of a Florida Split Jumbo Mortgage
As 2008 rolls along here in sunny Florida, public schools have reopened for eager students, the hurricane season shifted gears, and home prices have dropped enough to make Florida jumbo home seekers very happy. But some things haven’t changed this time of the year for those new Florida dream home buyers. Florida jumbo mortgage loans still carry very high interest rates. What to do….
One mortgage scenario that just keeps giving Florida jumbo home buyers a huge advantage is the ever popular Split Mortgage. Jumbo mortgage loans can be split into smaller 1st and 2nd mortgages. This allows for lower fixed rates and lower payments, especially if the 1st mortgage is rduced to $417,000, the coventional loan size limit. 2nd mortgages can then be provided with either fixed rates or interest-only home equity lines of credit. And some equity lines of credit in Florida are available with no closing costs, saving you even more.
There are other ways to get around today’s higher fixed rate jumbo mortgages in Florida. For more information call one of our Florida Mortgage Professionals at 888.399.0520 or visit our website at www.beechtreemortgage.com.
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