If you’re in the market for a pricey, luxury house, one of the primary borrowing options will soon be jumbo loans. As the economy happens to be making gradual improvements, jumbo loan borrowers are seeing the best terms and interest levels than they will have in years. If you’re thinking about trying to get a jumbo home loan approaching or surpassing the million-dollar mark, however, there are some things you have to know.
What exactly is a Jumbo Loan?
Let’s begin with the thing that makes a loan jumbo that is jumbo. A home loan must exceed the Fannie Mae and Freddie Mac conforming loan limits, which generally max out at $510,400 in order to fall into that category.