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30 Year Fixed Rate Jumbo Home Loans
The jumbo 30 year fixed rate home loan is a
mortgage in which the monthly payments remain the same over the life of
the loan.
Once
the mortgage is in effect, the interest rate does not fluctuate but
remains constant.
The
greatest advantage for a home buyer is the predictability of the payments
each month because it never changes. This type of loan is often
recommended for home buyers living on a fixed income, a set budget, or
those planning on living in their home for more than five years. If
interest rates increase, the loan rate will remain the same.
Unfortunately should rates decline below the set interest rate on the
loan, the only way to change it is to refinance the mortgage and incur a
loss of equity or additional closing costs to take advantage of the lower
interest rate.
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