Let’s Go Jumbo
Heard of jumbo sandwiches, jumbo burgers, but what the heck is a jumbo mortgage? I heard the term recently and decided to check it out. Simply put, a jumbo loan is a mortgage loan that exceeds a certain fixed amount. Bestsyndication.com reports:
Currently (as of 2006), a jumbo mortgage loan is a loan more than $417,000. The limit typically changes each year. In 2005, the amount was $357,650. The great part about a jumbo mortgage loan is the approval process is the same for conventional loans for most lenders.
Read more: What the Heck is a Jumbo Mortgage Loan?
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