A fixed-rate Jumbo loan mortgage is a mortgage loan that exceeds the maximum loan amount established by Fannie Mae and Freddie Mac. A fixed jumbo rate mortgage loan is very similar to a conventional fixed rate mortgage in that the loan has an interest rate that is locked for the length of the loan.
Fixed Jumbo loans vary in length from a 10-year, 15-year, 20-year and 30-year. A jumbo fixed rate jumbo loan is considered riskier and therefore has a higher rate than a conventional fixed- rate mortgage. Historically the gap was usually ½ of a percent. However, starting in 2016, the gap between the Conventional fixed rate mortgage and the Jumbo fixed rate mortgage is as low as ¼ of a percent.
If you would like to learn more about fixed-rate Jumbo loans, visit our Frequently Asked Questions page. Or, contact us today to speak with one of our knowledgeable experts who’s ready to ensure you an easy, stress-free home buying experience—every step of the way.
Webster Groves, MO
St Genevieve School