How much do I need for a down payment?
A Jumbo Mortgage allows you to put down as little as 20%. However, if you put 20% down, then you immediately have equity in your home as soon as close as well as no PMI. This is beneficial to if you plan to refinance or sell within a few years. A larger down payment can generally lead to a lower monthly payment and a better interest rate. Our Mortgage Lenders will work with you to find the best options for you budget.
What is Private Mortgage Insurance (PMI)?
Private mortgage insurance (PMI) is a form of mortgage insurance that may be required with certain types of loans. If you default on your loan, PMI protects your lender. In the case of a Jumbo Loan, you will be required to pay PMI if you put less than 20% down.
How much is the minimum purchase price for a Jumbo Loan?
As of 2023, the minimum loan amount was £726,200, but it changes every year. Consult our Mortgage Lenders regarding your individual situation since each state differs.