| Did you purchase your home several years ago with a | | | | over this limit had to seek non-traditional financing in the |
| Jumbo Mortgage? If your answer is yes, you should | | | | form of Jumbo mortgages at a premium cost. |
| seriously consider refinancing. The 2006 conforming | | | | In 2006 the conforming limit was raised to $417,000 in |
| loan limit has allowed many homeowners to qualify for | | | | the continental United States. This is a significant |
| traditional financing, saving them thousands of dollars in | | | | increase over prior years; if your Jumbo mortgage is |
| the process, and you can too. Here is what you need | | | | less than $417,000 you should refinance as you will |
| to know about losing your Jumbo mortgage loan. | | | | now qualify for a traditional mortgage loan. It is true |
| There are two organizations in the United States that | | | | that mortgage interest rates have been rising at the |
| regulate the mortgage industry. These organizations, | | | | hand of the Federal Reserve; however, you can still |
| Freddie Mac and Fannie Mae, set the upper limit for | | | | find good deals if you take the time to do your |
| conventional mortgage lending. This limit is known as | | | | homework and research mortgage lenders. You can |
| the "conforming limit" and if the home you are | | | | learn more about your mortgage options, including |
| purchasing is over the limit many mortgage lenders will | | | | strategies to find the best mortgage by registering for |
| not approve your application. In the past homebuyers | | | | a free mortgage guidebook. |