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News and Program Updates: Jumbo Loans

With a Jumbo Mortgage, the Devil Is In the Details

With a Jumbo Mortgage, the Devil Is In the Details

[ 0 ] March 21, 2013

For loans above the limit of $417,000 there is some good news. Many lenders are finding it easier to get these loans processed and approved. More importantly, the huge interest rate discrepancy between conforming loan amounts and jumbo loan amounts has eased up. Right now the jumbo loans are being offered approximately at a rate 0.50% higher than conforming mortgages. In order to get approved for one of these loans, borrowers need to be aware of the fine details that will be scrutinized.

Jumbo Mortgage Rates Will Follow Fuel Prices

Jumbo Mortgage Rates Will Follow Fuel Prices

[ 0 ] March 19, 2012

The obvious answer is to lock in your jumbo mortgage rate before more fear and speculation drives rates up higher. The Federal Reserve has already hinted that taking action in the next quarter is not necessary. This could signal a small increase in rates, leaving you missing out on a great opportunity.

How is a Jumbo Loan Different from Other Mortgages?

How is a Jumbo Loan Different from Other Mortgages?

[ 0 ] January 6, 2012

The term Jumbo mortgage gets used quite a bit but some people are not certain about what that really means. The listing below will illustrate some of the common elements of a Jumbo mortgage in reference to other types of home loans

Jumbo Loans

Extended Loan Limits Set to Expire October 1, 2011

[ 0 ] September 28, 2011

Beginning on the first day of October of 2011 there will be some slight changes in the mortgage industry. Currently, any loan amount above $729,750 is considered a Jumbo Mortgage. But after October 1st, that amount will reduce to $625,500. What does this mean to people who live in higher priced areas?

Jumbo Loans

15 Year Jumbo Loan Is Good Way to Build Equity

[ 0 ] August 15, 2011

Jumbo loans, by their very definition, are larger than typical mortgages. Home loans that are in the $500,000 and higher range are usually reserved for a different type of borrower. These people usually have incomes that dwarf a typical consumer and therefore they handle their money differently. Recent data suggests that they may be bucking conventional wisdom and going with shorter terms.

Understanding Jumbo loans

Understanding Jumbo loans

[ 0 ] April 1, 2011

Mortgage products seem to have an endless supply of names. There are conventional, FHA, VA, USDA, non-conforming, private financing and on and on. One type of mortgage that gets extra attention from lenders is the jumbo mortgage.

Special Considerations for Jumbo Mortgages

Special Considerations for Jumbo Mortgages

[ 0 ] October 10, 2010

People have different ideas when they hear the term “Jumbo” mortgage. Some people feel that they are not like conventional mortgages while other people think the term is simply a marketing ploy. Truth be told, a jumbo mortgage is extremely similar to most conventional loans offered by the majority of lenders across the country. The primary difference is the actual amount of the loan. The current maximum loan amount for a traditional loan is $417,000. Any mortgage higher than this ceiling is considered a jumbo loan.