A jumbo mortgage means a larger than normal size mortgage. While getting a jumbo size anything usually means getting a good deal – especially when it comes to hamburgers and fries – it may not mean the best deal in the case of mortgages, however. Here are a few things you need to know about jumbo mortgages.
The largest mortgage lenders in the United States – Freddie Mac and Fannie Mae, determine mortgage sizes. They determine what is to be considered the standard size each year. Anything above that amount is considered to be what is called a jumbo mortgage. Currently, as of 2006, the amount is set at $417,000. This amount is higher for the Hawaiian Islands, Alaska, and in the U.S. Virgin Islands.
A jumbo mortgage, also referred to as a non-conventional, or non-standard mortgage, also comes with jumbo interest rates. In other words, the amount of interest that you pay for your larger than usual mortgage also comes with higher interest. Part of the reason for this is because the lenders believe that they are at a higher risk for possible loss. Like any other type of loan, though, the interest amounts do vary from one location to...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
