More information of Jumbo Mortgage Loan
When the price of a house is very high and the amount needed to finance it is higher than the maximum established by Fannie Mae and Freddie Mac, mortgages in the USA are called Jumbo loans and usually have slightly different conditions than traditional mortgage loans.
PNC Bank also offers this type of financing among its products, with terms of more than 15 years for repayment and less than 30 years. The maximum amount you can obtain is $5 million and you can choose between a fixed or adjustable interest rate.
Within the adjustable rate you can choose different schemes depending on the duration of the first fixed term period: 7/1 ARM or 10/1 ARM.
The down payment you need to make can be as little as 10% if you obtain additional financing or as little as 15% if you do not need additional financing.
With the Home Insight Planner tool provided by PNC Bank, you can easily perform several simulations varying any of the parameters involved in the calculation of your Jumbo mortgage so you can compare all the possibilities and easily choose the one that suits you best.
Español: Hipoteca Jumbo de PNC Bank