Home Mortgage

Home Mortgage Section


 

Home Mortgage Navigation


|

Stress and Anxiety Guide Home Page
Tell A Friend about us
Bad Credit Home Mortgage Refinance Loan |
New Home Mortgage Loan |
California Home Mortgage Loan Rate Money |
Current Interest Rates Home Mortgage |
Home Mortgage Rates Calculate Refinance |
California Home Mortgage Lenders |
Refinance Home Mortgage Loans |
Refinance Home Mortgage Texas |
Current Home Mortgage Interest Rates Michigan |
Home Mortgage Loan San Diego |
Home Mortgage Refinance Rates Us |
Home Mortgage Loan Refinancing |
Lowest Home Mortgage Interest Rate Today To Refinance |
Wells Fargo Home Mortgage Refinance |
Health Insurance Supplemental Home Mortgage |

List of home-mortgage Articles
Sitemap



Social bookmarking
You like it? Share it!
socialize it


Main Home Mortgage sponsors


 

Newest Best Sellers


 

Welcome to Home Mortgage

 

Home Mortgage Article

Thumbnail example. For a permanent link to this article, or to bookmark it for further reading, click here.


You may also listen to this article by using the following controls.

Jumbo Home Mortgage Loans - What They Are And Where To Get Jumbo Loan Financing

from: Carrie Reeder




A jumbo mortgage is different than a conforming loan. A jumbo loan amount exceeds that limit set by FNMA. That limit can change every year, but is around $300,000. With a jumbo mortgage, the interest rate is a little higher than other similar mortgage loans that are for smaller amounts. The reason the rate is higher is because the loan has a perceived higher risk by lenders.


A jumbo loan is considered a non-conforming loan. Conforming mortgage loan programs have perceived less risk by lenders and have lower interest rates. Most mortgage loans that are done by lenders are conforming loans. Jumbo loans are a small percentage of the mortgages that are done.


Although most mortgage loans that are done in the US, are smaller loan amounts than those limits set by Fannie Mae and Freddie Mac for jumbo loans, in California, home prices are so high, that there are many jumbo home loans done there.


If you live in California and/or are looking to get approved for a jumbo loan, the internet is a great place to apply to get a jumbo loan for a few reasons. First of which is that there are so many lenders online competing for your business, that lenders are forced to offer their lowest possible rates in order to get your business. For example, a local broker, who has a steady client base, may not be motivated to offer the lowest rate or the lowest closing costs, when the competition is only local. However, when you have the largest group of lenders online competing for your business, you can get a much better offer.


Where is the best place to apply for a jumbo loan? There are many mortgages companies online who can provide you quotes from multiple lenders. These companies will be able to provide you with quotes for usually up to 4 different lenders. This is a great way to make sure to get competitive offers. However, make sure you still ask each competing mortgage lender about the points they will charge, their closing costs and any other fees, to make sure you are getting the best loan you can.


Getting the lowest interest rate does not always make the loan you want, the best deal. The lender can charge more in other places that you might not catch until closing.
About the Author

Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. To view our list of recommended lenders online for jumbo loans, visit this page: http://www.abcloanguide.com/mortgageloans.shtml








 

Home Mortgage News