Jumbo mortgage loans booming in South Florida

Number of loans has grown 37 percent

TRD MIAMI /
Feb.February 09, 2015 02:45 PM

Jumbo mortgage loans from banks in South Florida are growing in size and dollar amount.

Lenders like TD Bank, Suntrust, Northern Trust, JPMorgan Chase Bank and Bank of America have been greatly increasing their jumbo loan portfolios, according to published reports.

These loans are for amounts larger than $400,000 and exclude national mortgage companies such as Fannie Mae.

The dollar sum of these loans grew $1.76 billion in 2013, with a 37.1 percent growth in the number of loans from about 5,000 to nearly 7,000, the South Florida Business Journal reported.

Jumbo loans have even surpassed conventional loans in South Florida, which dropped 2 percent in 2013, the publication reported.

Mortgage rates have hit their lowest point since mid-year 2013, with average rates on a 30-year fixed loan going as low as 3.63 percent. [South Florida Business Journal]Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Bal Harbour Shops, Matthew Whitman Lazenby, Erica English, Howard Friedberg and Michael Katz

Whitman scores $550M loan for Bal Harbour Shops

(Credit: Pixabay)

Mortgage interest rates dropped last week and may stay down for months

(Credit: iStock)

Brexit bonus? More first-time buyers enter the UK housing market

Brookstone files for bankruptcy, will close its 5 stores at South Florida malls

Brookstone files for bankruptcy, will close its 5 stores at South Florida malls

Food halls proliferate as the dining format finds more fans in Florida

Food halls proliferate as the dining format finds more fans in Florida

(Credit: TRD)

Court battle ensues after “bizarre” death of Andrea Greenberg

Could tax reform kill the jumbo mortgage market?

Could tax reform kill the jumbo mortgage market?

JLL snags executive VP Ryan Nunes from CBRE

JLL snags executive VP Ryan Nunes from CBRE

arrow_forward_ios
Loading...