30-year jumbo mortgage4 of 10What is it? Jumbo mortgage loans are 30-year fixed-rate loans too big to be bought and repackaged by mortgage giants Freddie Mac and Fannie Mae for resale to investors. Banks that issue jumbo mortgages have to hold onto the debt themselves, thus incurring more risk (which is compounded further by the large amount of money at stake).As a result, jumbo borrowers can expect not only a higher interest rate on their loans, but also more difficulty finding lenders.Who is it good for? Buyers of large, expensive or midrange homes in areas of the country where housing is more costly.Search for the best rate on a 30-year jumbo mortgage.Learn more about fixed-rate mortgages.Should you go with a fixed-rate mortgage or an ARM?<< Back to the 2010 Real Estate Guide table of contents. Related Articles:Fixed-rate mortgagesAdjustable-rate mortgagesOther types of mortgagesARM or fixed-rate mortgage?Related Links:How much house can you buy?Which lender is right for you?Private mortgage insurance10 questions to ask your lenderadvertisement
What is it? Jumbo mortgage loans are 30-year fixed-rate loans too big to be bought and repackaged by mortgage giants Freddie Mac and Fannie Mae for resale to investors. Banks that issue jumbo mortgages have to hold onto the debt themselves, thus incurring more risk (which is compounded further by the large amount of money at stake).
As a result, jumbo borrowers can expect not only a higher interest rate on their loans, but also more difficulty finding lenders.
Who is it good for? Buyers of large, expensive or midrange homes in areas of the country where housing is more costly.
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