Jumbo Mortgages are Non-Conforming mortgages that exceed the loan limits set by Fannie Mae and Freddie Mac (currently as high as $625,500 depending on market area.) Because these loans do not fit into the agencies’ guidelines for mortgage backed securities, they must either be kept by the lending institution in their mortgage portfolio, or be securitized seperately and sold to other investors who purchase loans that do not fit conforming guidelines.

Jumbo loans are generally perceived to have higher risk associated with them since they are not backed by the governement sponsored enterprises Fannie Mae or Freddie Mac in any way and therefore a slightly higher interest rate is charged by lenders on these mortgages. The degree of difference between Conforming and Jumbo mortgage rates varies depending on market conditions but is usually at least one quarter of a percent. Lenders typically have higher down payment and reserve requirements for Jumbo mortgage products. 

Like Conforming mortgages, Jumbo mortgages are available in a wide variety of Loan Types, and are available with amortized and interest-only payment options.  Your Apex Mortgage Solutions agent can offer you a huge advantage when obtaining a Jumbo loan.  With a wide variety of funding sources at our disposal including both direct lending and wholesale banking relationships, we are able offer greater flexibility of products with your Jumbo mortgage financing.

Give us a call today and speak with an Apex Mortgage Soltions loan consultant about your Jumbo mortgage needs, or if you prefer, REQUEST A QUOTE online and we'll get back to you as soon as possible.