Jumbo mortgages

The loan is called a jumbo loan because the amount is higher than conventional lending limits, which is the maximum amount that Fannie Mae and Freddie Mac will purchase in the secondary market.* Like conventional mortgages, jumbo loans can either be fixed rate mortgages or adjustable rate mortgages (ARMs). Each brings with it specific features and benefits based on the length of time youll be living in your home. For example, if youre planning to live in your home for seven years, a jumbo adjustable rate mortgage may be more favorable. But it youre planning to live in the home long-term, a jumbo fixed rate mortgage may be a better option.

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