A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2022, the limit is $647,200 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit for jumbo loan qualifications is $970,800. US bank jumbo loan rates tend to be a bit higher because lenders generally have a higher risk.
As a jumbo mortgage broker, we're here to make the jumbo home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE average jumbo loan interest rate Qualifier.
Well help you clearly see differences between loan programs and conventional jumbo loan limits, allowing you to choose the right one for you whether you're a first-time home buyer or a seasoned investor wanting to know about jumbo mortgage rates today.
Heres how our home loan process works:
A home mortgage loan is called a Jumbo loan when the limits exceed the norms as laid down by Fannie Mae and Freddy Mac. For most of the states in the USA, the limit is $647,200 except Hawaii, Alaska, Guam, and the Virgin Islands. In these four states, the jumbo loan qualification is $970,800.
The interest rates for jumbo loans are a bit higher than standard home mortgage loans. This is because lenders are exposed to higher risks in this case.
Regardless of whether you are a first-time home buyer or a seasoned investor, contact a Broker to understand the process of obtaining a jumbo loan.
First, you will be required to complete a Jumbo Loan Rates Qualifier. Based on your specific criteria and needs, you will receive several options. Now, compare the mortgage interest rates and terms, and finally select a jumbo loan that fits your needs.
The broker will guide you about jumbo loan down payment, jumbo adjustable-rate mortgage, and more.
With a jumbo loan, you get the convenience of availing of one large loan instead of having multiple small mortgage loans against your name. Further, you get competitive pricing, 30-year mortgage rates, and financing of up to $2.5 million.
There are many benefits, including: financing available up to $2.5 million; the convenience of one loan for the entire loan amount instead of having multiple mortgages; competitive pricing, 30 year jumbo mortgage rates, and more.
Contact us today to know more about jumbo loan down payment, lowest jumbo loan rates, jumbo adjustable rate mortgage, and more
