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A jumbo mortgage is a home loan that exceeds a certain amount . Loans above
the maximum loan amount established by Fannie Mae and Freddie Mac are known
as 'jumbo' loans. Because jumbo loans are bought and sold on a much smaller
scale they will have a higher interest rate than the norm.
Jumbo mortgages come in a variety of options and terms. Calling a trained
loan professionals can ensure that all your options are opened. Look over
the options explained below and call a loan professional to get a
personalized quote.
3/1 jumbo arm- A 3/1 jumbo ARM is an adjustable-rate mortgage, that has an
initial interest rate for the first three years and then changes annually
thereafter, based on an index.
5/1 jumbo arm- A 5/1 jumbo ARM is an adjustable-rate mortgage, or ARM, that
has an initial interest rate for the first five years, and which changes
annually thereafter, based on an index.
15 year fixed rate jumbo mortgage- A 15-year jumbo mortgage is a home loan
that exceeds the limits set by Fannie Mae and Freddie Mac and is set for the
term of 15 years.
30 year fixed rate jumbo mortgage- A 30-year jumbo mortgage is a home loan
that exceeds the limits set by Fannie Mae and Freddie Mac and is set for the
term of 30 years.
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