Real estate, as the saying goes, is local. So it is with jumbo mortgages.
Rates on a jumbo mortgage are 1 1/2 % higher than smaller loans, but what classifies a loan as jumbo is different from place to place. Generally, a mortgage is considered jumbo if the loan amount is over $417,000 to $729,750.
Seattle.
Jumbo rates in Seattle, WA start at $567,500.
Montgomery.
Buy a house over $417,000 in Montgomery, AL and you’ll be getting a jumbo.
South Salem.
Housing prices in South Salem, N.Y. are high. Jumbo rates here don’t kick in until $729,750!
West Hartford.
West Hartford, Ct seems pretty reasonable at $440,000.
Stevenson Ranch.
Jumbo rates on mortgages in Stevenson Ranch, CA don’t start until $729,750.
Eden Prairie.
Eden Prairie, MN rounds out our list at $417,000 as the jumbo threshold.
It’s easy to look at these price levels and think that Eden Prairie and Montgomery are the ideal, but when looking at jumbo mortgages, lower isn’t better. Of course, the flip side is that places like South Salem and Stevenson Ranch have higher costs of living, and in turn higher housing prices so you don’t get as much house for your money in those places.
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