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What is a LIBOR Mortgage?

A LIBOR mortgage or Jumbo LIBOR mortgage is an Adjustable Rate Mortgage (ARM) that adjusts based on a specified LIBOR index. LIBOR stands for "London Interbank Offered Rate", which is the interest rate offered by many London Banks for dollar deposits. These deposits (and thus the indexes) are generally 1, 3, 6 or 12 months.

LIBOR Adjustables can have an initial fixed period as short as 1 month to as longs as 10 years. Generally, if your initial rate is fixed for more than 6 months (for example, 3, 5, or 7 years), the rate will then adjust after this period either every subsequent 6 months or 12 months.

LIBOR mortgages generally have the benefit of being a bit more stable than the Treasury index, which used to be the most common index used.

What we offer:

At 1st City Mortgage Group we underwrite and fund our own loans so we have complete control of the entire mortgage application process. In addition we have relationships with 80+ sources for our mortgages, which guarantees one of the largest varieties of loan products in the market with the lowest possible rates.

Call a Jumbo LIBOR Mortgage Specialist Today: 800-291-0405 or complete the form to the right.

A LIBOR Mortgage specialist will contact you shortly.

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