Jumbo Mortgage?

Does anyone know what the number is that is considered a 'jumbo' loan?

And what's the difference?

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Posted by Blu-ize

It means the interest rate will be higher than a non-jumbo conforming loan.

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Not always. I know of banks that charge the same interest rate for both products.

It actually depends on what the rates are at the time you get your GFE. Sometimes they can be the same, but most mortgage lenders get 1/4 point higher for the Jumbo product.

A few weeks ago for instance, the 10/1 arm and the 30 year fixed were the same. Jumbos are never lower though.

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Posted by Blu-ize

It actually depends on what the rates are at the time you get your GFE. Sometimes they can be the same, but most mortgage lenders get 1/4 point higher for the Jumbo product.

A few weeks ago for instance, the 10/1 arm and the 30 year fixed were the same. Jumbos are never lower though.

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Yeah.... usually they are higher. But there are lenders out there that keep them the same.

My credit union is one of them. Here are their current rates (you can see Jumbo and Conforming are the same)

Penfed CU

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Posted by DjPiLL

Any mortgage over 417k for 2006 is considered Jumbo.

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Thanks, that's what I needed to know.