Are you thinking about purchasing a house that costs more than $400,000? Unless you are planning to make a significant cash down payment on your new home, it is likely that you will need to apply for a jumbo loan. A jumbo loan is simply a home loan for property in the continental United States that exceeds $417,000, whether the funds are used to purchase a new home or to refinance an existing mortgage.
Having a mortgage can be expensive; with the interest that is charged over the life of your mortgage, a large portion of what you end up paying is nothing more than interest payments and not the loan itself
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