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Understanding Jumbo Mortgages

Understanding Jumbo Mortgages

This is a discussion on Understanding Jumbo Mortgages within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; What differentiates jumbo bmortgage/b loans is the loan amount. At present, loan amounts that are higher than $417000 are usually ...

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Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.

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11-15-2008, 01:37 PM

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Understanding Jumbo Mortgages

What differentiates jumbo bmortgage/b loans is the loan amount. At present, loan amounts that are higher than $417000 are usually deemed jumbo bmortgages/b. This determination is made by comparing industry standards for average housing loans b.../b

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