Jumbo Mortgage Loans
can call our mortgage brokers toll free at 888-694-0455 or appy
online. Our licensed mortgage brokers will get you the best
rate on an Alabama jumbo loan for your luxury home. There is no
mortgages are categorized as loans in excess of $322,700.00
for single-family residences
- Fixed rate
loans always vary in price between conforming and jumbo loan
amounts although some adjustable rate mortgages have much higher
limits prior to altering the pricing
up to 4 million dollars
purchase, refinance or refinance with cash-out O.K.
- We are
luxury home specialists!
interest rate on our Jumbo Mortgages are nearly as low as our conventional
Mortgages. Another way to get the best rate is to consider an Adjustable
Rate Jumbo Mortgage. These are frequently much lower, depending
on short term rates. Jumbo Mortgages are our specialty!
loans are classified in a wide variety of ways. They can be classified
by the amount loaned, whether the interest rate can be adjusted
or not, the length of the payback period and so on. A fairly common
and simple term to understand is the jumbo loan.
jumbo loan, is a loan that exceeds the maximum dollar amount guidelines
set by FANNIE MAE, for a single family loan limit. Effective January
1st, 2005, this limit is $359,650 in all states except AK and HI.
The limit is $539,475 in AK and HI. Most lenders use the Fannie
may guide when underwriting loans over these set limits.
jumbo loan is simply a mortgage in excess of the amounts set by
government backed agencies that buy or guarantee loans. Companies
such as Freddie Mac, Fannie Mae, HUD, etc. will guarantee the purchase
of a loan from a lender if certain conditions are met. A discussion
of those conditions is beyond this article, but one of them is the
amount being borrowed. Depending on the agency in question. If the
amount you are borrowing is less than this amount, then it is known
as a conforming loan. If you need to borrow more, the loan is known
as a non-conforming loan or “jumbo” loan.
the higher risk from the perspective of the lender, you can expect
to be treated a bit differently. In this case, lenders are going
to charge higher interest rates than you would be able to get with
a conforming loan. Before you panic, keep in mind we are talking
about a quarter of a point in interest. For example, a conforming
loan for $300,000 may have an interest rate of 5.5 percent whereas
the same borrower will have to pay 5.75 percent if they borrow $800,000
Jumbo Mortgage is a mortgage with a loan amount above conventional
loan limits. Jumbo Mortgages apply when agency (FNMA and FHLMC)
limits don't cover the full loan amount. Fannie Mae (FNMA) and Freddie
Mac (FHLMC) are large agencies that purchase the bulk of residential
mortgages in the U.S. They set a limit on the maximum dollar value
of any mortgage which they will purchase from an individual lender.
Currently, this limit is $322,700. This leaves a portion of the
market to look elsewhere for placement. Other large investors, such
as insurance companies and banks, step in to fill the need with
maximum mortgage amounts going to the one million or two million
dollar range. The average interest rates are typically greater than
normal for conforming mortgages, and vary depending on property
types and mortgage amount.