bank rates

Jumbo Mortgage Deal: 3.625%, No Points

Logix Federal Credit Union is offering one of March’s best deals on 30-year fixed-rate jumbo mortgages to borrowers in eight states and Washington, D.C.

It’s charging just 3.625% for a purchase or a refinance, with no points, $1,352 in lender’s fees and a 45-day rate lock.

That interest rate is almost one-sixth of a percentage point below the national average for 30-year fixed-rate jumbos used to purchase a home – 3.78%, with 0.23 points and $928 in fees, according to Bankrate’s latest survey of major lenders.

It’s more than a tenth of a percentage point below the national average of 30-year fixed-rate jumbos used to refinance a home – 3.78%, with 0.19 points and $980 in fees.

The average cost of these loans has inched back up from the record lows we saw in February, but it’s still a great time to get a jumbo mortgage.

You’ll find home loans from Logix in Arizona, California, Maine, Maryland, Massachusetts, New Hampshire, Nevada and Virginia and the District.

Not available where you live?

This deal still serves as a great blueprint to follow. Find a deal like this, and you’ll know you’ve found a winner.

You can get started by searching Bankrate’s database of the best mortgage rates from scores of other lenders in your area.

Jumbo loans are mortgages that are too large to be purchased by Fannie Mae and Freddie Mac, the two government-owned companies that buy most of the mortgages issued by banks and other lenders.

The largest loans they can buy depend on where the home is located but range from $417,000 in most places to $625,500 in the nation’s most expensive cities. If you need to borrow more than that, you’ll need a jumbo loan.

With this loan from Logix, your principal and interest payment for a purchase would be $456 per month for every $100,000 borrowed, or $3,648 per month for an $800,000 loan.

You can use this mortgage calculator to determine the monthly payments for the amount you want to borrow with this or any home loan.

It will also provide a month-by-month amortization schedule that shows how much you’ve reduced your debt and how much you still owe if you want to pay off the loan.

Logix is headquartered in Burbank, California. It’s NCUA-insured.

To qualify for these low rates, you must:

  • Have a credit score of at least 740.
  • Have at least a 20% down payment if you are purchasing a home.
  • Have at least 20% equity in your home if you are refinancing.
  • Borrow between $750,000 and $1,150,000.

You’ll also need to be a member of Logix in order to qualify. If you don’t qualify for membership through your employer or group affiliation, you can join by signing up for the American Consumer Council, a consumer education and advocacy group, for $5.

In addition, you’ll need to open a savings account with Logix. It only requires a $5 deposit, and as long as $5 stays in your account, you’re eligible for any benefit from the credit union.

We typically don’t write about loans that come with a checking or savings account attached, but because this is a good deal that’s widely available, it’s worth considering.

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