![]() |
Jumbo Home Mortgage Loans - What They Are and Where To Get Jumbo Loan FinancingA 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. To view our list of recommended lenders online for jumbo loans, visit this page: Recommended Jumbo Mortgage Loan Lenders Online. Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
What are the hidden costs of refinancing a mortgage? Fox Business Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business What Is A Debt Consolidation Refinance? | Pros And Cons The Mortgage Reports 3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool Thinking of refinancing your mortgage? Do your homework before you jump in. The Philadelphia Inquirer I'm retired and won't live to see my mortgage paid off. Should I refinance to lower my monthly payment? MarketWatch What is a mortgage prepayment penalty fee, and how does it work? Business Insider Buying a Second Home: What to Do and How Much It Costs Credible News Mortgage refinance: Everything you need to know Fox Business How to decide if you should refinance your mortgage Fox Business Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 Fox Business How to refinance your mortgage Fox Business Who's exempt from the new mortgage refinance fee? Fox Business Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes 4 ways to get lower mortgage refinance rates Fox Business How do I get the most out of my mortgage refinance? Fox Business 10 things to know before refinancing your mortgage Fox Business Refinancing your mortgage? Don’t make this mistake Fox Business The best mortgage refinance lenders of January 2021 Business Insider Today's mortgage refinance rates stay low with the election underway | November 3, 2020 Fox Business Today’s mortgage refinance rates climb upward — though one key rate holds steady | October 23, 2020 Fox Business Complete Checklist of Mortgage Refinancing Requirements Credible News When should you refinance your mortgage? Fox Business How to refinance your mortgage without closing costs Fox Business How often can you refinance your mortgage? Fox Business Today's mortgage refinance rates hold steady at unprecedented lows | October 16, 2020 - Fox Business 10 tips for getting the best mortgage refinance rates Business Insider How to get a low-cost mortgage refinance Bankrate.com No-Closing-Cost Refinance: Is It Right for You? NextAdvisor How to Refinance Your Home | Home Lending Chase News & Stories Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette How much can you save by refinancing your mortgage? Fox Business The impact of the coronavirus on mortgage refinancings Brookings Institution Can I Refinance My Mortgage With Bad Credit? NextAdvisor
|