15 year jumbo mortgage

15 year jumbo mortgage

A mortgage which exceeds the limits as set for the by Freddie Mac and Fannie Mae. The limit changes annually. These mortgages generally have higher interest rates than conventional mortgages.

15-year jumbo mortgage

A 15-year jumbo mortgage has two defining characteristics. First, the mortgage loan's maturity period is 15 years. Secondly, the mortgage loan amount exceeds the maximum loan size that government-chartered agencies Fannie Mae and Freddie Mac can purchase or guarantee. Because Fannie Mae and Freddie Mac don't support jumbo mortgages, these loans usually carry higher interest rates. Jumbo loan limits are set annually based on housing values.