If you’re looking for a pricey, luxury house, one of the primary borrowing choices should be loans that are jumbo. Since the economy happens to be making gradual improvements, jumbo loan borrowers are seeing among the better terms and interest levels than they’ve in years. If you’re considering obtaining a jumbo mortgage approaching or surpassing the million-dollar mark, but, there are many things you must know.
What’s a Jumbo Loan?
Let’s begin with just what makes a jumbo loan jumbo. A home loan must exceed the Fannie Mae and Freddie Mac conforming loan limits, which generally max out at $510,400 in order to fall into that category. (suite…)