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alfredo123

Joined: 05 Jan 2010
alfredo123's page
Posts: 2

35 Magic Points

Subject: Jumbo Loans

Mon Mar 08, 2010 11:16 pm

Hi,
I recently found this website which reviews jumbo mortgage lenders.
Can someone please explain what a jumbo mortgage is, they do not explain it at all.
Thanks in advance,
Fred.

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2675

48566 Magic Points

Subject: Jumbo loans

Tue Mar 09, 2010 6:46 am

Hi Alfredo,

Jumbo mortgage is the loan, where the amount of the loan issued, is higher than the general loan limits. Thus, the interest rate on Jumbo loan is higher than the conventional loan interests. This is because, Jumbo loans are high in risk for the lenders. These kind of loans are classified as non-conforming ones, because of the guidelines. The borrower of a Jumbo loan needs to do more paperwork, and go through more investigation as compared to that of the conventional loans.

However, Jumbo loans do not check the past credit of the borrower. The Jumbo loan limits are $417,000. Thus, along with the interest rates, the down payment charged is higher too.

These mortgages are generally applied for to buy luxury residences. However, as price of houses rose, more people have started applying for the Jumbo loans.

Hope this helps.

Regards,

Aaron
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alfredo123

Joined: 05 Jan 2010
alfredo123's page
Posts: 2

35 Magic Points

Tue Mar 09, 2010 3:52 pm

Thanks Aaron!

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Tue Mar 09, 2010 3:54 pm

Wow I have been on here a while and never knew that. Goes to show you that there is always new knowledge out there.

Anderson12

Joined: 19 Jan 2010
Anderson12's page
Posts: 3

28 Magic Points

Sat Mar 13, 2010 6:51 am

Hi Aaron, thanks for the information on jumbo mortgages.
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kimsmith07

Joined: 28 Apr 2010
kimsmith07's page
Posts: 10

107 Magic Points

Wed Apr 28, 2010 5:03 pm

Hi Aaron,
how can i get jumbo mortgages, can i apply debt consolidation for jumbo loan.
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Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 2675

48566 Magic Points

Subject: jumbo mortgages

Fri May 28, 2010 11:14 am

Hi kimsmith,

You can get jumbo mortgages from lenders. However to qualify for a jumbo mortgage you should be able to make a down payment of at least 20% of a purchase, and you need to document your income. In addition you need to have a good credit score, above 680. Jumbo mortgages come with higher rates than conventional loans.

Thanks,

Aaron
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