Asked by Phillygoat, Wash West • Thu Jun 19, 2008
I understand the philadelphia Jumbo mortgage limit is 420K. If I ended up taking out a jumbo mortgage for a little over this amount (CC townhouses we are looking at are /-500K) would the mortgage automatically become conforming (and going to a lower rate) if either the limit raises in future years, or we pay it down below the limit? Or, would this require doing a refinance for a few thousand dollars a few years down the line? Are there mortgage programs or typical riders that I should ask about to be incorporated in the origination process?
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