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Financing Home Mortgage Loans
Jumbo Mortgage Loans
Jumbo Mortgage Loans advantages:
- Fixed-rates and adjustable-rate home mortgage loans
- Terms to accommodate immediate and long-range financial plans
Jumbo Mortgage Loans facilitate high-end purchases of:
- Primary residences
- Second residence or investment properties
For 2005 a jumbo mortgage loan is for a first time home mortgage loan or a refinance mortgage loan that exceeds $359,650 for a single-family homes and condominiums.
When a home mortgage loan is for a higher amount than the conforming dollar limit, it is considered to be a Jumbo Mortgage Loan, or non-conforming loan. Usually the jumbo mortgage loan carries a slightly higher interest rate with it.
A jumbo mortgage loan is considered a non-conforming loan because it exceeds the loan limits which Fannie Mae and/or Freddie Mac set annually. Each November Fannie Mae and Freddie Mac review the current housing costs nationwide and set a conforming loan limit.
In today’s market of historically low mortgage interest rates the jumbo mortgage loans are giving home buyers the ability to purchase homes that would previously have been out of their reach.
To take advantage of the opportunities that jumbo mortgage loans offer contact 21daycash.com and let us show you how you can use a jumbo mortgage loan to your advantage.