What is a 30-year jumbo mortgage?
The Bankrate.com financial term of the day is: "30-year jumbo mortgage."
A 30-year jumbo mortgage is a home loan in size Extra Large. The dollar amount goes over a limit set by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. These plus-size home loans generally have higher interest rates than smaller mortgages, which might be referred to as conventional or conforming mortgages. In most places in the U.S., a 30-year home loan of more than $417,000 would be considered a 30-year jumbo mortgage.
A 30-year jumbo mortgage is a home loan that says "Supersize me" -- it's in a higher dollar amount than a conventional mortgage, and that generally means the interest rate also will be at least a little puffy.
To shop for a great mortgage rate, visit the rate tables at Bankrate.com.