A jumbo mortgage is a mortgage loan in an amount above conventional conforming loan limits.
The conventional standard is set by the two government-sponsored enterprises Fannie Mae and Freddie Mac. When FNMA and FHLMC limits don’t cover the full loan amount, the loan is referred to as a “jumbo mortgage”.
Since jumbo loans are bought and sold on a much smaller scale, they often have a slightly higher interest rate than conforming loans do, even though the spread between the two will change with the economy.
If you are looking for a jumbo loan and need more information or advice, call an Allrate Advisor at 800-818-2946 to take advantage of the most competitive jumbo rates available.
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