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Jumbo Refinance Rates

 

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Comparing Jumbo Loans and Jumbo Refinance rates from multiple lenders before you make your home financing decision is always a great idea.

A Jumbo Loan is any mortgage loan above the conforming loan limit.

This standard is set by the two largest secondary market lenders, Fannie Mae and Freddie Mac.

On February 13, 2008 President Bush signed an economic stimulus package that temporarily increases the conforming limit to $729,750 until December 31, 2008. The limit for any area would be the greater of (1) the 2008 conforming loan limit ($417,000); or (2) 125% of the area median house price, but no more than 175% of the 2008 conforming loan limit ($729,750, which is 175% of $417,000)

Jumbo Loans typically have a higher interest rates than conventional loans of a lesser value, although only slightly higher. The rate differential occurs because mortgage lenders generally have a higher risk on these Jumbo Loans than conforming loans as well as some additional underwriting restrictions and higher a Origination fee.