Jumbo Mortgage

The housing crisis has caused many people to be on the brink of losing their homes. Mortgage payments that seemed affordable five years ago may now be too much to handle. Every month, thousands of homes go into foreclosure due to the inability of homeowners to continue payment.

If you are having trouble making your mortgage payments, it is time to look into your options. There are many methods of decreasing the stress these debts are causing. Contact the Maryland mortgage negotiation attorneys of Chaifetz & Coyle, P.C., at 443-546-4608 to learn more about your options for taking control of your mortgage payments.

What is Considered a Jumbo Mortgage?

Banks like to have the ability to help many people purchase mortgages. However, government enterprises like Fannie Mae and Freddie Mac will often buy the mortgages from the banks. These enterprises are heavily regulated, and guidelines stipulate the maximum size of mortgages these agencies may purchase. Currently, this maximum ranges from approximately $400,000 to $650,000. When a bank offers a mortgage exceeding this amount, it is termed a "jumbo mortgage."

Since the risks are higher for lenders offering jumbo mortgages, this type of loan typically involves a larger down payment and may have drastically higher interest rates. If an owner defaults on payments, the bank may be left with a loss if the house does not resell for its full value.

Contact Us

At Chaifetz & Coyle, P.C., we work tirelessly to help our clients avoid foreclosure. Contact our Maryland mortgage negotiation attorneys today at 443-546-4608 to set up a free consultation.