What Is A Jumbo Mortgage?
A “jumbo loan” or “jumbo mortgage” is a loan with a balance that exceeds the limits set by Fannie Mae and Freddie Mac, the federally-chartered mortgage banks that insure most home loans.
Because Fannie and Freddie won’t insure the loans, most borrowers must put at least 10-20% down and demonstrate a higher credit score and debt-to-income ratio than borrowers must demonstrate to obtain a conforming loan.
Jumbo Loans are usually used to finance luxury properties. They may be fixed-rate or adjustable. If your price range is $500,000 or more and you can pass a rigorous credit and income check, a jumbo loan may be the best option.
Choosing the right loan that matches your needs and getting the best rate for your specific situation can be a stressful and overwhelming process. We're here to help you go through the entire loan process in the smoothest way possible. Let's start with a FREE Jumbo Loan Quote.
Jumbo Loan Process
1. Apply
Complete our simple online application process to get pre-approved.
2. Receive
Receive options based on your specific needs and situation.
3. Compare
Compare the mortgage interest rates as well as the terms.
4. Select
Choose the lender and the loan terms that best suit your needs!
Jumbo Mortgage Benefits
And for buyers with higher price ranges.
Than with loans that conform to Fannie and Freddie requirements.
Including fixed-rate and adjustable.