Jumbo Mortgage Loan Application
You Are in the Right Place for Your Jumbo Mortgage
How are jumbo loans different?
This determination is made by comparing industry standards for average housing loans as governed by the two biggest secondary mortgage lenders, Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac set industry standards for 'conforming loans'; Home loans beyond those maximums are regarded as jumbo mortgages. These two agencies cap the dollar figure for loans that they will buy (that's where the $424,100 figure comes from). Larger loan amounts are funded by other investors such as banks and insurance companies. Note that the dollar figure set to qualify jumbo mortgages differs by locale, so the limit is higher in Hawaii and Alaska (and in some other states). In the majority of the U.S., jumbo mortgages are those larger than $453,100K.
Traditionally the lowest jumbo mortgage rate was an adjustable 30 year jumbo mortgage rate but in today's market there is little difference. An adjustable rate 30 year jumbo mortgage rate will typically be fixed for 3 to 5 years, and then will adjust annually according to predetermined index. Even small increases could mean significantly larger monthly mortgage payments.
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