What Is a Jumbo Mortgage?

Answer

A jumbo mortgage is a loan that is taken for a property, which is highly-priced. The size of a jumbo mortgage means that there is more to lose where the size, together with other major factors result in higher jumbo mortgage rates than the ones carried by conforming loans.
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Q&A Related to "What Is a Jumbo Mortgage"
A jumbo mortgage loan is generally one which is over the threshold of three hundred thousand dollars. It is known as a jumbo loan because it is for so much money.
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A jumbo mortgage is determined by the amount of money being borrowed. Fannie Mae, a government agency that secures mortgages, sets limits each year on how large a mortgage can be
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1. Make a down payment of at least 20 percent for a purchase (or have at least 20 percent equity in a refinance) 2. Document your income. 3. Get an adjustable-rate loan, because fixed-rate
http://www.wikihow.com/Get-a-Jumbo-Mortgage-Loan
A loan for an amount exceeding the statutory limit placed on the size of loans that freddie mac and fannie mae can purchase. Such loans must be maintained in the lender’s portfolio
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A jumbo mortgage loan is a mortgage loan that is accessible to individuals who are planning to have a high-value house, particularly greater than about $500,000 ...
A jumbo mortgage loan is a mortgage loan that is particularly meant for individuals who are planning to have a high-value house, mostly greater than $500,000 ( ...
A jumbo mortgage loan is generally one which is over the threshold of three hundred thousand dollars. It is known as a jumbo loan because it is for so much money ...
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