A Fixed rate loan is one possibility when choosing a jumbo loan. Don’t let that scare you though since there are benefits from taking out a 30 year fixed rate loan. A 30 year fixed rate allows you to pay the same amount from the first payment to the second payment. So you don’t have to worry if your payments will go up if the economy gets bad again.
Many people can benefit from a 30 year fixed rate mortgage, and jumbo mortgages are often more than affordable for families who know they will have the finances to purchase a home in the higher price range. A 30 year fixed jumbo mortgage is best suited to those who can afford the higher interest rate, and for those who plan on owning the home for an extended period of time.
When all is said and done, pursuing a jumbo mortgage is not a risk for many people, and indeed can result in a great purchase at an attractive price. The 30 year fixed jumbo mortgage is suited to the long term tastes of many looking to buy while rates are still low.