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Jumbo Home Mortgage Loans - What They Are And Where To Get Jumbo Loan Financing
from: Carrie ReederA 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
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Refinance Mortgage Loan News
Proposal could drop mortgage rates to 4.5 percent - San Jose Mercury News
 Sify | Proposal could drop mortgage rates to 4.5 percent San Jose Mercury News, USA - At rates of 4.5 percent for a fixed, 30-year loan, "We would have everybody and their brother who had equity in their homes coming to refinance. ... Paulson Considers New Plan to Resuscitate US Housing Market US Eyes Plan to Lift Home Sales Financial industry pushes for lower mortgage rates |
Homeowners' Refinancing Jumps by Record Pace - Wall Street Journal
 RTT News | Homeowners' Refinancing Jumps by Record Pace Wall Street Journal - Fannie Mae, for instance, will let certain borrowers refinance into a new loan with a lower mortgage rate even if their current loan equals as much as 120% ... US MBA’s Mortgage Applications More Than Doubled Last Week Mortgage applications up 112.1% last week, due to drop in rates: MBA Falling rates spark rush to mortgage applications |
A Rush Into Refinancing as Mortgage Rates Fall - New York Times
A Rush Into Refinancing as Mortgage Rates Fall New York Times, United States - By one account, the new program would be available only to home buyers, not to people who simply want to refinance their existing loan at a lower rate. ... |
Lower mortgage rates help but jobs, prices key - Reuters
Lower mortgage rates help but jobs, prices key Reuters - A government plan to sop up hundreds of billions of mortgage securities spurred a bond rally that yanked 30-year home loan rates down half a percentage ... |
Refinancing a viable option for certain homeowners - Monitor
 ITV.com | Refinancing a viable option for certain homeowners Monitor, TX - A refinanced loan will likely cover up to 90 percent of the value of the house, and if the outstanding debt is already higher than the value of the home, ... How To Cope With The Flood Of Foreclosures? |
You can still refinance loans - abc13.com
You can still refinance loans abc13.com, TX - "A refinance is considered a safer loan, and the reason why is you are already in the mortgage pipeline so you have already proven in some fashion you are ... |
Geithner May Seek to Push Bair Out After Clashes During Crisis - Bloomberg
Geithner May Seek to Push Bair Out After Clashes During Crisis Bloomberg - Yesterday, an official said Paulson instead is considering a proposal to drive down home-loan rates through purchases of mortgage-backed securities. |
Mortgage Brokers: Now Is Good Time To Refinance - MyNC.com
Mortgage Brokers: Now Is Good Time To Refinance MyNC.com, NC - It's also a good time to see if a no closing cost mortgage loan might work for you. It gives people the option to refinance or purchase a new home with no ... |
How About 4.5 Percent? - Washington Post
How About 4.5 Percent? Washington Post, United States - But BethesdaMD said, "They better make these subsidized loans available to anyone who wants to refinance as well. Otherwise they are giving away money to ... |
Mortgage rates fall, but many borrowers will have trouble qualifying - Los Angeles Times
 Dividend.com | Mortgage rates fall, but many borrowers will have trouble qualifying Los Angeles Times, CA - Jeff Lazerson, a Laguna Niguel mortgage broker, said all the customer calls he received Tuesday were from people seeking to refinance, not buy homes. ... US move cuts mortgages to lowest rate since February Last Call for Smart Homeowners Fed's $800B Plan Lowers Mortgage Rates |