Jumbo Loans
Established by the Fannie Mae and Freddie Mac
associations, Jumbo Loans are loans that are given above the maximum loan
amount. The extra money included in the loan is typically used for remodeling
or renovating homes to increase their equity value equal to the home loan
amount.
Because
Jumbo Loans are seen less frequently, they often have a slightly higher
interest rate than the current market but still may be a good choice for
anyone that does not have the extra cash on hand to pay for the remodeling of
a home.
Be sure to read our other mortgage advice articles:
Fixed Rate Loans
Adjustable Rate Loans
VA Loans
FHA Loans
Balloon Loans
Convertible Mortgage Loans
Negative Amortization Loans
Graduated Payment Mortgages
Buy-Down Mortgage
2nd Mortgage Loans
Please visit our sponsor page if you are
interested in learning more about affordable mortgages!