Lowest fixed 30-year rate for Jumbo loan
KeyBank is offering 7-ARM@2% 10-ARM@2.5% 30-fixed@2.875% for a $1M loan with 10% down and no PMI. The 7-ARM numbers is the most aggressive in the market considering %10 with no PMI. However, now that the rates are so low and I’m not intending to sell the house in the near future, how about I get a 30-year fixed loan instead? Thoughts? Anyone knows lenders who could beat KeyBank’s 30-year fixed loan for $1M with %10 down and no PMI? TC 350 YOE 7 #mortgage #facebook #google
Wow I never found such a good deal, I was shopping not too long ago
Most people overestimate how long they will live in a house. The average range tends to be around 6-9 years, so you should be ok with a 7 or 10 ARM because you’ll save good chunk with the lower rate. During that 7/10 year period, look to refinance if you get an insanely low rate.
I’ve started the refinance process with Keybank for a jumbo loan, 60% LTV in Bay Area @2.25% 10 ARM. No closing costs/points. For 10% down, hard to get better rates than what OP has got.
So if the rates change with increasing/decreasing down payment, isn’t “no PMI” just a trap? I mean if I increase my down payment to 20% KeyBank would give better rates right?
I looked at keybanks loan offering referred to as "combination" loan. This is where they are doing 80%/10%/10% to avoid PMI... 80% primary mortgage, 10% secondary mortgage and 10% down payment. So really you are putting down 20% but 10% off it is borrowed money which is at higher rate then primary mortgage.
DIJL06, slight correction to your statement. Key bank does not take it as 80/10/10 they take it as 90/10. They are making more money by charging same interest for 90% than 80%. If you calculate, you are paying more money per month as interest than if you pay a PMI per month for 10%.
I was referring to what I saw on their website. See attached. Also PMI is an Insurance for them in case you default. The rate quote mentioned above seems to good to be true. If really true than i would jump on it for sure
7 yr @ 2% is a great deal, especially with 10% down. Just take it.
I got a 10 year ARM@2.25 with 10% down. Too afraid of the 7 year period
With KeyBank? When? Why is yours lower?
I got 30 year 2.25, why are people doing ARM?
Is this with relationship discount, understanding that you would transfer RSUs/investment? And, can I DM you? :)
Who is your lander? I am looking now
How do you get no PMI with only 10% down?
That’s the magic of KeyBank 😁
Ok you likely won't find anyone who can beat what you got especially with 30 year fixed... my contact at loandepot is very aggressive but requires 20% down