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jumbo mortgage |
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jumbo mortgage A loan in an amount greater than the size limits for Fannie Mae or Freddie Mac purchase.The loans must remain in the lender's portfolio or be sold to other investors.Because the loans cannot be sold easily,some banks charge a higher interest rate for them. Jumbo Mortgage A mortgage larger than the maximum eligible for purchase by the two federal agencies, Fannie Mae and Freddie Mac. The maximum was $322,700 in 2003. However, some lenders use the term to refer to programs for even larger loans, such as greater than $500,000. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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To qualify for a jumbo mortgage today, you should expect: CEO Hans Ganz says the bank is trying to lend money, but the market for short-term jumbo mortgages of more than $400,000 remains slow. The collateral backing the securities consists primarily of first-lien, fixed- and adjustable-rate, jumbo mortgage loans. |
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