Jumbo Loan Kansas City

If you’re in the market for a new home or considering refinancing your existing mortgage, you may wonder if a jumbo loan is right for you. Jumbo loans offer greater borrowing power than traditional mortgages (Fannie Mae and Freddie Mac), which can be an excellent option for borrowers who need more financing flexibility.

But before you decide if a jumbo loan is right for you, it’s essential to understand what these loans entail and how they differ from conventional mortgages. This blog post will give you a primer on jumbo loans so you can make an informed decision about your financing options.

What Are Jumbo loans?

A jumbo loan is a mortgage loan that helps purchase high-priced homes. It exceeds the conforming loan limits set by Freddie Mac and Fannie Mae. In most U.S counties, the jumbo loan limit for a one-family house is $647,200. Jumbo loans often come with slightly higher interest rates than conforming loans because the government does not back them.

The monthly payments on jumbo loans are also typically higher because the loan amounts are more significant. If you’re considering buying a home that falls outside your area’s typical price range, a jumbo loan could be a good option. However, it’s essential to consider your options before deciding which type of mortgage is right for you.

What are the benefits of a Jumbo loan?

Borrowers with stable employment, larger down payment, high income, and great credit are candidates that may qualify for Jumbo home loans.

  • Purchase or refinance a primary residence
  • A reasonable interest rate for borrowers with good credit
  • Flexible terms (length)
  • Both purchase or refinance transactions.
  • No private mortgage insurance

Minimum down payment in Kansas City

When it comes to jumbo loans, the minimum down payment you’ll need to make depends on a few factors. One of the most important factors is where you’re taking out the loan and your credit score. For instance, the minimum down payment for a jumbo loan in Kansas City is 10%, with cash reserves.

However, if you’re taking out a jumbo loan in another city, the minimum down payment could be higher. Another factor affecting the minimum down payment is the lender you’re using, and some lenders may require a higher down payment than others. So, when you’re shopping around for a jumbo loan, be sure to ask about the minimum down payment requirement.

Maximum loan limits of Jumbo financing

The exact loan limits for jumbo loans vary from one lender to another, but generally, the maximum loan limit for a jumbo loan in Kansas City is $3 million. While this may seem like a lot of money, it is essential to remember that the cost of living in some parts of Kansas City is relatively high.

As a result, homes in Kansas City tend to be more expensive than homes in other parts of the country. For this reason, jumbo loans can be an essential tool for home buyers looking to purchase a high-priced home in Kansas City.

Jumbo refinance

You can refinance jumbo loans, which can help you pay off your home sooner, lower your monthly payments and even put your home equity to good use. There are several options to consider when refinancing:

  • A “rate and term” refinance is to refinance and improve the terms of the loan and/or reduce the loan term to pay off the loan faster.
  • A “cash-out refinance” to obtain money for large purchases such as home improvements, cars, or to reduce credit card debt. The is refinance to take equity out of your home.

Learn more about a mortgage refinance

Fixed-rate home loans

Metropolitan Mortgage offers jumbo loans as 30-year and 15-year fixed-rate options. All options provide the same interest rate stability, but the shorter the term, the higher the monthly payments, giving you a faster way to build home equity. You can use this higher equity as a down payment when you move to your next home. Click the link below for today’s mortgage rates:

Jumbo Mortgage Rates

Jumbo adjustable-rate mortgages

A Jumbo adjustable-rate mortgage (ARM) lets homeowners pay a low introductory interest rate for the first few years (5-year, 7-year, and 10-year). These types of loans are best for shorter terms of ownership.

Jumbo mortgage payment calculator

Whether buying a home or refinancing your home, you can run detailed monthly payments, including escrows (taxes and insurance), with our monthly payment calculator. Run early payoff strategies, additional monthly payments, and lump sum payment(s).

Jumbo Payment Calculator

Explore other available Loan Options

Have questions about Jumbo loans in Kansas City?

Metropolitan Mortgage Corporation is a family-owned mortgage lender based in Overland Park, KS. We serve the entire state of Kansas and the broader Midwest region. Jumbo loans are our specialty, and we’re proud to serve our community.

We’re committed to helping our clients with the right mortgage solution, whether you’re buying their first home or your tenth. Looking for experienced and knowledgeable mortgage lenders in Kansas City, look no further than Metropolitan Mortgage Corporation.

Contact our team to learn more about our Jumbo Loans. We can help you achieve your homeownership goals.

Have Questions? Call a Metropolitan Mortgage Loan Officer in our Overland Park office today at (913) 642-8300.

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