> Jumbo Loans

Jumbo loans are similar to conventional loans with the exception that the loan amounts are above $417,000 and qualifying, rates and loan to value guidelines may differ.

Fixed rate loans typically have terms that range from 10 to 30 years and rates that remain the same over the life of the loan. Fixed rate loans offer the security of knowing that your rate and your loan balance will not change over the life of the loan.

Adjustable rate jumbo loans have rates that change periodically. These loans typically offer a lower initial or start rate, but the rate will then adjust as market rates rise and fall. Pacific Crest Savings Bank offers adjustable rate loans that change as often as once a month; as well as loans that are fixed for an initial period such as one, three, five or ten years, and then change on a yearly basis. Some adjustable rate loans offer interest-only formats providing further decrease to your payment without any principal reduction. Most adjustable rate loans have both periodic and lifetime caps that limit how high the interest rate may go.

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