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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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Fannie Mae, the world's biggest nonbank financial services company, is more conservative in its savings estimate, saying the current spread between its rate and jumbo mortgage would reduce interest expense by $23,500 over 30 years. Private banks and commercial institutions alike will move mountains to customize a product such as a jumbo mortgage to meet your needs. Based on a typical 25 basis point spread between conforming and jumbo mortgage loan rates, a typical California homebuyer will save up to $24,710 over the life of a 30-year mortgage. |
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