SANDY FLORES BROKER
Award Winning Realtor * International Real Estate
Contributor @TELEVISAUNIVISION KMEX 34
Los Angeles, El Gordo y La Flaca, Santa Ana College
Wealthy home buyers are paying lower average rates on high dollar loans, and in some cases, they don’t even have to worry about a large down payment or mortgage insurance.
For months, lenders of jumbo mortgages have been charging interest rates that are lower than what average borrowers pay. Jumbo loans are mortgages that above $417,000 or $625,000 or more in high-priced markets.
Many lenders also have requiring as little as 10 percent, which is about half the normal rate, waiving the private mortgage insurance, and even lowered their credit standards for jumbo loan originations.
Luxury homes are selling faster than last year, according to data through July from Realtor.com. The median age of listings ranged from 80 days for homes listed at $1 million or more.
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