A Jumbo mortgage loan is for loan amounts above the conforming loan limit and is not eligible to be purchased, securitized, or guaranteed by Fannie Mae or Freddie Mac. Jumbo loan programs are generally offered as 15-year and 30-year Fixed-Rate Mortgages or as competitive Adjustable-Rate Mortgage (ARM) loan products with full documentation, alternate documentation, and limited documentation.
Program features:
Our easy-to-use mortgage calculators allow you to quickly estimate your monthly payment*
A mortgage larger than the maximum eligible for conforming purchase by the two Federal agencies, Fannie Mae and Freddie Mac.
This is the process of determining whether a borrower has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. A pre-qualification is subject to verification of the information provided by the applicant. A pre-qualification is short of approval because it does not take account of the credit history of the borrower.
It is an upfront cash payment required by the lender as part of the charge for the loan, expressed as a percent of the loan amount; e.g., "2 points" means a charge equal to 2% of the loan balance.
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.
It is the list of settlement charges that the lender is obliged to provide the borrower within three business days of receiving the loan application.
Reach out to our team of local mortgage loan officers and take the initial step towards homeownership. Our team is ready to assist you throughout the process, offering you the necessary information and guidance to help you make informed decisions for your unique needs. Don't delay any longer - contact our team today.
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*Not a commitment to lend. Calculation estimates are hypothetical and intended for educational purposes only. Additional fees and costs, such as taxes and insurance, may not be included and may be different based on the loan program. Actual payment obligation may be higher. Loan programs, interest rates, loan terms and conditions are subject to change and may vary based on market conditions and individual circumstances. If refinancing an existing loan, the total finance charges may be higher over the life of the loan. For more information, please consult with one of our licensed loan officers.