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Jumbo Financing Options

If you have a higher property value and can manage larger monthly mortgage payments, consider a jumbo, or non-conforming, loan. A jumbo loan provides financing for loan amounts higher than the maximum conforming limits set by Fannie Mae and Freddie Mac. A conforming first mortgage plus a home equity line of credit may provide greater payment flexibility. Both are available for purchase and refinance loans (including cash-out refinances).

On a jumbo mortgage, your total loan payment is made up of the monthly payment on your jumbo mortgage.
With mortgage and home equity financing, your total loan payment is made up of your monthly payment on the first mortgage, plus the monthly payment on your home equity financing.

Jumbo loan

Mortgage + home equity financing

Features
Features
Benefits
Benefits
  • Obtain financing for loan amounts higher than the Fannie Mae and Freddie Mac conforming limits. 
  • Get the convenience of one loan for the entire loan amount.
  • Choose from a variety of loan options. 
  • Access additional potential benefits through our Private Mortgage Banking (PMB) group.
  • Have ongoing access to your available equity without reapplying. 
  • Choose to advance funds at the line of credit variable rate or advance funds and lock in your rate with a fixed-rate advance
Considerations
Considerations
  • You build equity at a slower pace because payments during the first several years go largely toward interest rather than the principal balance.
  • You will have to make two separate monthly payments. 
  • With the variable interest rate on your line of credit balance, your monthly payments may increase or decrease as interest rates fluctuate.
Ready to apply? Request a Consultation
Find a local consultant or call  1-877-937-9357
Non-conforming mortgage loans
These are loans that do not satisfy the standard underwriting guidelines and loan amount limits set by the government sponsored enterprises Fannie Mae and Freddie Mac. These loans therefore cannot be sold to either of these two agencies in the secondary market.

Fannie Mae (Federal National Mortgage Association - FNMA)
A tax-paying corporation chartered by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA) as well as conventional home mortgages.

Freddie Mac (Federal Home Loan Mortgage Corporation – FHLMC)
Freddie Mac, one of America's biggest buyers of home mortgages, is a stockholder-owned corporation chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing.

Conventional conforming mortgage
A mortgage that is not obtained under a government program (such as FHA or VA). It also satisfies the standard underwriting guidelines and loan amount limits set by the quasi-government agencies, Fannie Mae and Freddie Mac. These loans, therefore, can be sold to either of these two agencies in the secondary market.
Variable interest rate
An interest rate that may fluctuate or change periodically, often in relation to an index, such as the prime rate or other criteria. Payments may increase or decrease accordingly.