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What does the term jumbo mortgage refer to as it relates to home mortgages?
Wiki User
∙ 11y ago
A jumbo mortgage is a term used to describe a home mortgage that is bigger that most mortgages. These mortgages exceed the amount that the FNMA and FHLMC will purchase.
Wiki User
∙ 11y ago
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What is meant by the term jumbo loan?
Jumbo loans refer to mortgage loans on houses. Most home mortgages have a cap on how high a loan amount can be written for so that it is insured. A jumbo loan is any loan that goes over this amount.
What does the term jumbo mortgage rate refer to?
A jumbo mortgage is an amount borrowed that is over the conventional limits. A jumbo mortgage rate is the percent interest to be paid on this inflated mortgage.
Where can I learn about reverse mortgage wells?
Reverse mortgage wells refer to the reverse mortgages that Wells Fargo used to provide, but no longer due. Information on reverse mortgages can be found on a banking website or reversemortgagedaily.com.
What is a mortgage bond?
There could be multiple answers depending on the context of the question. One common use is to refer to a bond that is backed by a pool of mortgages. The bond produces an income to the investor and the income comes from the mortgage payments made by the borrowers for the loans that are backing the bond. An asset backed security would be another phrase.
How does a bankruptcy affect first and second mortgages?
This is a complex question. In general a bankruptcy will only effect the mortgages if you try to change them some way in the bankruptcy proceeding. This all depends on the chapter you filed, if you are behind on payments, how much the mortgage company wants to work with you, your income / expenses, etc. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Who was called uncle jumbo?
Uncle Jumbo was a nickname given to P.T. Barnum's most famous attraction, Jumbo the Elephant. Jumbo was a massive African bush elephant that Barnum acquired in 1882 and became one of the most popular circus animals of his time. The nickname "Uncle Jumbo" was a term of endearment used by the public to refer to the larger-than-life elephant.
What is difference between Satisfaction of Mortgage and discharge of mortgage?
The two phrases refer to exactly the same thing. No need to worry, they have the same legal effect.
How does a repossession affect a mortgage?
If your house is repossessed in the UK you will be entered on to The Council of Mortgage Lenders "Repossession Register" Future mortgage companies check this register as part of their usual credit checks. If there is an entry in yours (or your partners name in joint mortgage applications) then this will have an adverse effect on your application and may result in your mortgage application being turned down by high street lenders. This does not mean it wouuld not be possible to get a mortgage as some companies specialise in obtaining mortgages for people who have previously been repossessed. These companies do however charge more! If you refer to an existing mortgage, on another property, then any previous repossessions will not have an effect on this mortgage, if however you need to remortgage at any time in the future you will be subject to the same problems as outlined above. This would be of particular concern if your current mortgage deal will revert of a lenders Standard Variable Rate (SVR) which is much higher than what your current deal charges. Most deals last 2 or 5 years.
Is it unlawful that a lender tells you that you only qualify for an ARM mortgage loan?
please refer the following link to get the information about ARM mortgage loan. center4debtmanagement.com/Financing/UnderstandingHomeMortgages.shtml
How do you get mortgage payment protection?
Mortgage payment protection is really a form of life insurance that you can purchase from many specialty insurers. Often times your bank can refer you to a company that offers this service.
What does the term bond funds refer to?
Bond funds refer to debt investments. Debt investments are mortgage securities and goverment. In other words it invested in some sort of debt.
What does the term arm loan refer to?
ARM loan stands for 'Adjustable-Rate Mortgage". It is a type of financing used to purchase a home. It's a mortgage loan with interest rates that changes periodically.
