Yes. The requirements for a jumbo loan are stricter because more money is involved, which means it’s riskier for the lender. You will need an excellent credit score and a low debt-to-income ratio. You will also need to be able to prove you can cover your payments.

A jumbo mortgage is a loan exceeding the loan limit set forth by Fannie Mae and Freddie Mac. Jumbo loan interest rates and down payments are typically higher than those on conforming loans.

There are certain factors to consider when deciding between the two. First, think about how long you plan to live in your home. An adjustable-rate mortgage makes more sense if you only plan to live in your home for a few years. It’s also important to think about whether you’ll still be able to afford […]

A fixed-rate mortgage (FRM) is a mortgage with an interest rate that is constant for the life of the loan. Typically you’ll see fixed-rate periods of 10, 15 or 30 years with interest rates increasing with longer loan periods.

With an adjustable-rate mortgage, you will often have a lower initial rate than a fixed-rate mortgage. Also, if the rates fall, you don’t have to go through the refinancing process, which means you don’t have to pay closing costs and fees. Be aware, however, that rates can also increase.

Adjustments are determined by the performance of certain financial indexes, and the rate may fluctuate up or down. Once the adjustment periods begin, the rate will typically be adjusted every year.