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a sum of money transferred to another for temporary use, to be repaid with or without interest according to terms of the loan agreement written in the accompanying bond, note, mortgage or other document of indebtedness. Loan is the noun. Lend (past tense lent) is the verb.
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Preferred Payday Loans
By Douglas Reynolds
The Internet Age has brought changes to everyday life in so many ways. One convenience unknown not so very long ago is payday loans. When there is a cash crisis (and who doesn’t have any of those?), Read more...
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The Understanding Jumbo Mortgages
By 1st American Mortgage
A jumbo mortgages is a home that exceeds the limits set by Fannie
Mae and Freddie Mac.
How are jumbo loans different?
What differentiates jumbo mortgage loans is the amount. At present, amounts that are higher than $417,000 are usually deemed jumbo mortgages. This determination is made by comparing industry standards for average housing loans as governed by the two biggest secondary mortgage lenders, Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac set industry standards for 'conforming loans'; Home loans beyond those maximums are regarded as jumbo mortgages. These two agencies cap the dollar figure for loans that they will buy (that's where the $417,000 figure comes from). Larger amounts are funded by other investors such as banks and insurance companies. Note that the dollar figure set to qualify jumbo mortgages differs by locale, so the limit is higher in Hawaii and Alaska (and in some other states). In the majority of the U.S., jumbo mortgages are those larger than $417K.
Available Terms - 15 Year Fixed, 30 Year Fixed, or Variable 30 Year
Jumbo Mortgage
The terms for jumbo mortgages vary similarly to other types of housing loans. Buyers can choose between variable rates, like 3/1 or 5/1 ARMs, for a 15-30 year jumbo mortgage, or a 15 or 30 year fixed jumbo mortgagerate.
Whether a 15 or 30 year fixed jumbo mortgage or an adjustable rate is best for you will depend on your plans and situation.
A 30 year fixed jumbo mortgage is better for those whole plan to own the home for a very long time. With this type of mortgage, the rate will not go up but it will never go down, either - it stays the same for the life of the loan. This is good because the payment is predictable, and cannot rise sharply if interest rates do. On the downside, the 30 year fixed jumbo mortgage rate is higher since lenders know they can never charge more than the original rate.
The lowest jumbo mortgage rate is usually an adjustable 30 year jumbo mortgage rate. Lenders understand their potential to benefit from increases in rates over time, so they are willing to lend at a lower rate
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The Growing Debt Problem - Has It Gone Too Far?
By EricRogers
The real estate world has known for a good while, yet some have been hesitant to read what it says. Many home owners are getting deeper into debt. Part of this problem likely comes from the cost of Read more...
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