Jumbo Mortgages | Loans Larger than $424,100 | Compare Loan Rates
Mortgage Calculator | Car Loan | Credit Cards icon| Small Business | Your Money | Construction | Student Loan
money smart

Jumbo Mortgage Loan Application

You Are in the Right Place for Your Jumbo Mortgage

The Marketplace for Loans

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.

Available Terms - 15 Year Fixed, 30 Year Fixed, or Variable 30 Year
Whether a 15 or 30 year fixed jumbo mortgage or an adjustable rate is best for you will depend on your plans and situation.

A 30 year fixed jumbo mortgage is best for those whole plan to own the home for a very long time. The rate stays the same for the life of the loan. In today's mortgage market, a fixed rate loan rate is about the same as an adjustable rate mortgage loan so there is no advantage to taking an adjustable rate mortgage loan.

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.

An adjustable 30 year jumbo mortgage rate works well when a buyer plans to move within the 3 to 5 year fixed period. For a buyer more concerned with smaller initial payments, or who will likely refinance in the near future, the adjustable rate mortgage loan might be preferred.

Each type of jumbo mortgage loan has it advantages and disadvantages. Whatever your choice, shop for best rate online where you will have several lenders to choose from.

Construction Draw Schedule

Loan Assumption Agreement

small business loan

Assumption Agreement  |  Mortgage Glossary  |  Money Tips  |  Site Index  |  Draw Schedule  |  Commercial RE  |  Privacy Statement

Equal Housing Lender Send mail to Webmaster with questions or comments about this web site. Community Credit 2007-2020 All rights reserved Site Index