Wednesday, December 31, 2008

Some Information About California Jumbo Mortgage

California jumbo mortgage and mortgage broker in California are very popular forms of mortgage nowadays. These are different from traditional mortgages. A California jumbo mortgage is symbolic of the huge amount of money that you can borrow by financing your high-valued property or vacation house. A general amount that is issued in the California jumbo mortgage and mortgage broker in California is somewhere in excess of $200,000. So you can imagine how big this can get. This mortgage does not follow the rules set by Fannie Mae and Freddie Mac.

The Same Norms and Paperwork

Though there might be different rules to the game, most of the norms and paperwork needed for the California jumbo mortgage are the same as traditional mortgage loans. These are also available as Adjustable Rate Mortgages or Fixed Rate Mortgages. A licensed mortgage broker from California will be able to give you better and more comprehensive details about the California jumbo mortgage.

The Higher Interest Rate

The higher interest rate is a drawback as far as the California jumbo mortgage is concerned. In order to help the customers, the mortgage amount is divided into two. Every year in January, the new limit for the California jumbo mortgage is set. If you wish to apply for a California jumbo mortgage from a mortgage broker in California, then the best way is to get multiple quotes. You never know where you might get the lowest rates. In fact, not shopping around for a low rate is a sure way to end up paying too much money.

David Johanson has written many more articles about mortgages and bank loans

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