call our mortgage brokers toll free at
888-694-0455 or appy
online. Our licensed mortgage brokers will get you
the best rate on a Minnesota jumbo home mortgage loan for your luxury
home. There is no obligation.
are luxury home specialists!
up to 4 million dollars
purchase, refinance or refinance with cash-out O.K.
rate loans always vary in price between conforming and jumbo
amounts although some adjustable rate mortgages have much
mortgages are categorized as loans in excess of $322,700.00 for
rate on our Minnesota Jumbo Mortgages are nearly as low as our conventional
Mortgages. Another way to get the best rate is to consider an Adjustable
Rate Jumbo Mortgage. These are frequently much lower, depending
on short term rates. Jumbo Mortgages are our specialty!
loan, is a loan that exceeds the maximum dollar amount guidelines
set by FANNIE MAE, for a single family loan limit. Effective January
1st, 2005, this limit is $359,650 in all states except AK and HI.
The limit is $539,475 in AK and HI. Most lenders use the Fannie
may guide when underwriting loans over these set limits.
loans are classified in a wide variety of ways. They can be classified
by the amount loaned, whether the interest rate can be adjusted
or not, the length of the payback period and so on. A fairly common
and simple term to understand is the jumbo loan.
Mortgage is a mortgage with a loan amount above conventional loan
limits. Jumbo Mortgages apply when agency (FNMA and FHLMC) limits
don't cover the full loan amount. Fannie Mae (FNMA) and Freddie
Mac (FHLMC) are large agencies that purchase the bulk of residential
mortgages in the U.S. They set a limit on the maximum dollar value
of any mortgage which they will purchase from an individual lender.
Currently, this limit is $322,700. This leaves a portion of the
market to look elsewhere for placement. Other large investors, such
as insurance companies and banks, step in to fill the need with
maximum mortgage amounts going to the one million or two million
dollar range. The average interest rates are typically greater than
normal for conforming mortgages, and vary depending on property
types and mortgage amount.
loan is simply a mortgage in excess of the amounts set by government
backed agencies that buy or guarantee loans. Companies such as Freddie
Mac, Fannie Mae, HUD, etc. will guarantee the purchase of a loan
from a lender if certain conditions are met. A discussion of those
conditions is beyond this article, but one of them is the amount
being borrowed. Depending on the agency in question. If the amount
you are borrowing is less than this amount, then it is known as
a conforming loan. If you need to borrow more, the loan is known
as a non-conforming loan or “jumbo” loan.
higher risk from the perspective of the lender, you can expect to
be treated a bit differently. In this case, lenders are going to
charge higher interest rates than you would be able to get with
a conforming loan. Before you panic, keep in mind we are talking
about a quarter of a point in interest. For example, a conforming
loan for $300,000 may have an interest rate of 5.5 percent whereas
the same borrower will have to pay 5.75 percent if they borrow $800,000