What's a jumbo mortgage loan? Jumbo mortgages are home loans that exceed conforming loan limits. A jumbo loan is one way to buy a high-priced or luxury.
Before buying a high-priced home, it can be worthwhile to talk with your lender about a combination loan where a second, smaller mortgage is taken out at the same time as the first mortgage. The first, larger mortgage conforms to the loan limit, allowing you to avoid some of the increased requirements and possibly higher rates on a jumbo.
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A Jumbo mortgage is a category of government-backed homeownership loan products that exceed the loan limits defined by Fannie Mae or Freddie Mac. That is it is a mortgage exceeding $484,350. Loans that fall within the limits prescribed by Fannie Mae or Freddie Mac are called conforming loans, therefore, jumbo mortgage loans fall under the category of loans called non-conforming loans.
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Current Mortgage Interest Rates | Wells Fargo – Today’s Mortgage Rates and Refinance Rates. 15-Year Fixed-Rate Jumbo 4.375% 4.391% 7/1 arm jumbo 4.125% 4.649% rates, terms, and fees as of 8/24/2018 10:15 AM Eastern Daylight Time and subject to change without notice. Select a product to view important disclosures, payments, assumptions, and APR information.
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Jumbo Home Mortgage Financing. The home you’ve always dreamed of may be within reach. SunTrust Mortgage offers a variety of jumbo financing solutions (loan amounts over $484,350) that might fit your needs and here are just a few of our home loan options to help you compare.
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