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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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``Interest rates are significantly lower on conforming mortgages than on jumbo mortgages. Fitch also cited Countrywide's subprime loans, home equity lines of credit, jumbo mortgages and adjustable-rate mortgages as "far more difficult to model and hedge" than conventional mortgage products. Recently, NYMC introduced jumbo mortgages pegged to the London Interbank Offered Rate (LIBOR), enabling homeowners to obtain adjustable-rate loans with current rates of less than three percent. |
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