Axcel Today Blog

When moving from a state with lower housing cost to one with higher priced housing markets, you may have to make a switch from a conventional loan to one called a jumbo loan. Jumbo loans are loans that are above the cap set by Freddie Mac and Fannie Mae each year. The cap is determined by compiling the average housing cost in the entire nation. Average means some will be higher and some lower. A jumbo loan could have a higher interest rate, longer term to payback, or your lender may be able to work around the added risk a jumbo usually means.

This entry was posted on Saturday, July 24th, 2010 at 3:33 am and is filed under Finance. Both comments and pings are currently closed.