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Jumbo loan
(redirected from Jumbo mortgage)

   Also found in: Wikipedia 0.03 sec.
Jumbo loan
Loans of $1 billion or more. Or, loans that exceed the statutory size limit eligible for purchase or securitization by the federal agencies.

Jumbo Loan
1. A mortgage loan so large it exceeds the limits for securitization by U.S. government mortgage banks. As such, a jumbo loan cannot be guaranteed or securitized by Freddie Mac or Fannie Mae. Because of this, jumbo loans carry higher credit risk and have historically been traded at a premium to conventional mortgages.

2. A loan of $1 billion or more.


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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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