What is a Jumbo Mortgage?

 

A:

A jumbo (mortgage) is a loan in an amount above conventional conforming loan limits. This standard is set by Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the majority of U.S. residential mortgages from banks and other lenders, which allows them to free up liquidity to lend more mortgages. When Freddie and Fannie Mae limits don't cover the full loan amount, the loan is referred to as a "jumbo mortgage". The average interest rates on jumbo mortgages are typically higher than for conforming mortgages.


Get Title Quote Here

Contact Us

First Name:*

Last Name:*

Phone:*

Email:*

Tell us more:


 

Mega Title, LLC

721 Route 34, Suite 3
Matawan, NJ 07747
Phone: 732-242-9835
Toll Free: 877-550-MEGA
Get Directions | See Detail

Connect with Us:

Testimonials

  • Samah and her team at Mega Title were efficient and professional in
    handling our refinance closing. I had used them in a prior refinance
    and was so impressed with the attention to detail that I came back
    this time again. They are accomodating to your schedule, meet the
    deadlines so they don't waste your time and most of all treat you as
    if you are their most important customer at all times. I couldn't ask
    for better service - they took care of everything. Just had to show
    up and sign.
  • As a real estate attorney, I have dealt with numerous title companies.
  • I recently refinanced my home. Mega Title really made my life much easier.
  • I really appreciated the excellent service and caring attitude during my refinance.
  • I can't express how impressed I am with your customer service!

View All