With a Jumbo Mortgage, the Devil Is In the Details
For loans above the limit of $417,000 there is some good news. Many lenders are finding it easier to get these loans processed and approved. More importantly, the huge interest rate discrepancy between conforming loan amounts and jumbo loan amounts has eased up. Right now the jumbo loans are being offered approximately at a rate 0.50% higher than conforming mortgages. In order to get approved for one of these loans, borrowers need to be aware of the fine details that will be scrutinized.
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