Jumbo Loan – Hey there, Shana Aquisto, broker at Acquisto Real Estate, Kim Rising star, realtor with Acquisto Real Estate. OK, guys, we are going to jump to our Word of the day, which is jumbo loan. So what is the definition of a jumbo loan, Kim?
A jumbo loan exceeds the standard maximum amount offered by a financial institution. Ok, so now we’re going to use this in a sentence. A jumbo loan is anything over five hundred and forty eight thousand two hundred and fifty dollars I’m sorry, five hundred forty eight thousand two hundred fifty. Yes.
For a single family home in all states except Hawaii and Alaska. Huh. OK, so yes. So jumbo loans is something that we’re seeing more and more of in our area. The price points are going up. The interest rates tend to be just a little bit higher on jumbo loans. But know what that limit is.
So you can kind of help your client, know how much they’re putting down to where, you know, if you think they’re close, then maybe you have that conversation to remind them to talk to their their lender and understand if there’s going to be a difference in their interest rate.