- This blended jumbo loan pairs a "conforming" first mortgage with a home equity line of credit.
- The first mortgage is available in a variety of fixed-rate and adjustable-rate loan options — the home equity line of credit has a variable interest rate.
- You may be able to add extra mortgage features, such as a temporary payment reduction.
- Have ongoing access to your available equity without reapplying.
- Choose to advance funds at the line of credit variable rate or advance funds and lock in your rate with a fixed-rate advance.
- You will have to make two separate monthly payments.
- With the variable interest rate on your line of credit balance, your monthly payments may increase or decrease as interest rates fluctuate.
- For a jumbo loan with a potentially lower total monthly payment, consider using the fixed-rate advance option on your home equity line of credit.