Are you a high earner? Are you seeking to buy a prestige property? Do limits on mortgage sizes prevent you from borrowing what you need? Maybe a Jumbo Mortgage or Non-Conforming Mortgage is the answer.
What is a Jumbo Mortgage? A Jumbo Mortgage is a large or very large Mortgage - more than $1/4M at least - larger than limits set by mortgage associations and corporations.
Typically with any Jumbo Mortgage you will be charged a higher interest rate to reflect the lender's increased risk (they may not be able to recover the full value of any loan from a sale of the property). You may also be required to take out some form of mortgage payment protection insurance.
Compare online quotes to get up to date information on the current deals available and their specific terms and conditions. Mortgage calculators allow you to work out what a specific mortgage will cost you. may be made online but seek independent advice before making any final commitments.
Remember, a mortgage is security for a loan in the form of the provision of a right in property, such as land or buildings. Typically, if terms of the loan are not met, then the lender has the right to sell the property to recover the debt.