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jumbo mortgages

current location: mortgage loan center ... mortgage loan products ... jumbo mortgages
Summary Information  (note)

Jumbo Loans are Non-Conforming Loans
conforming loans are conventional loans that meet terms and conditions set forth by Fannie Mae and Freddie Mac.

  • These two stock-holding companies purchase mortgage loans from lending institutions and secure them for resale to the investment community.

  • Fannie Mae and Freddie Mac establish maximum loan amounts, income requirements, down payment requirements, and type of suitable properties. Loans that do not conform to these guidelines are referred to as non-conforming loans.

    view sample loan limits: http://www.fanniemae.com/

Jumbo Loans Have Higher Loan Balances
the loan balance for jumbo loans are above the maximum loan amounts established by Fannie Mae and Freddie Mac — thus jumbos are "non-conforming" loans

Jumbo loans are used to buy large, expensive homes.

Jumbo Loans Have Higher Interest Rates
the interest rates on jumbo loans are generally higher than rates on conforming loan

The fixed rate can range anywhere from 0.11 to 0.77 points higher, depending on the region

Adjustable rates are 0.01 points higher, but tend to narrow as the ARM adjusts. Many of the jumbo mortgage loans are ARMs.

Apply Online: get up to four lender reviews
    or dial 1-877-777-1370

Loan Advantages:

for jumbos:
homeowners are looking to finance a home that is above the loan limits set by Fannie Mae / Freddie Mac

most jumbos allow borrowers to select the type of mortgage loan — fixed, ARM, hybrid

Loan Disadvantages:

the APR is generally higher than other conforming loans

Money Saving Tips:

consider placing more down payment to bring the jumbo loan closer the upper loan limits on conforming loans

if you can afford the monthly payment on a 15-year loan, you will pay substantially less money than on the 30-year loan — plus your home will be paid off in half the time — see calculation

Another Money Saving Tip:

view our program to help payoff your mortgage in 1/3rd of the time saving your thousands in interest

— plus imagine how to use your mortgage payoff bonus to plan for college, retirement, other

see how the mortgage payoff plan works

Note: The loan information above is general information related to mortgage products and the mortgage lending process. The information does not represent terms of any particular lender. Lenders whom you may work with may offer different product terms.

PickMyMortgage.com is not a lender. Therefore, we cannot quote rates or guarantee best terms. We refer applicants interested in getting a lending quote to Secure Rights, a licensed mortgage broker representing mulitple lenders.

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