Looking for a Florida jumbo loan? First Nationwide Lending is the absolute best choice for Florida jumbo mortgage loans out there. We guarantee Low purchase and refinance jumbo loan rates in Florida.
Call Now for a FREE Mortgage Rate Quote: (877) 282-7240
What Are Florida Jumbo Loans?
Before you can understand what a jumbo loan is, you must first understand what a mortgage is. A mortgage is a financial loan where your house functions as a collateral. The bank or a mortgage lender typically lends you a percentage of the value of your home which you can pay off in installments. Now a Florida jumbo loan is a type of mortgage loan, but its amount is above traditional confirming loan limits. In the USA, two companies are known for purchasing the bulk of US residential mortgages and other lenders, Fannie Mae(FNMA) and Freddie Mac (FHLMC). When these companies purchase residential mortgages, this allows them to free up liquidity and lend more Florida mortgages. When these companies don’t cover the full loan amount, the loan is then called jumbo mortgage. The interest rates for a jumbo loan are higher than average loans, however it differs from city to city. Florida jumbo loans have a lower interest rate as compared to other states because their mortgage rates are lower to begin with as well.