Tuesday, March 20, 2012
Mortgages - Conforming Loan Limits and Jumbo Loans
In this video Andrew L. Parker with RE/MAX Metro Realty and Craig Walker with Cascade Mortgage discuss loan limits, jumbo loans and renting versus owning.
The type of loan one gets depends on the amount of the loan. In Seattle, Washington, a loan would be considered “Conforming” if the value is less than $417,000. It would be considered a “Conforming Jumbo” if it is valued between $417,000 and $506,000. While it would be considered a “Jumbo” if it is valued above $506,000.
With home interest rates and home values down, more buyers are entering the market. In King County is has become more affordable to pay the monthly mortgage payment for the average home than it is to rent the average home.