Prudential would continue to process payments on so-called jumbo mortgages, loans exceeding $203,150.
Take, for example, a jumbo mortgage, the term applied to any loan in excess of $203,000.
But it needs to cancel more if it is to avoid putting a jumbo mortgage on future revenues.
On a "jumbo" mortgage of $600,000 or more the rate is 7.25 percent, with 2 points.
MANY buyers say that jumbo mortgages are hard to come by these days.
The average interest rates on jumbo mortgages are typically higher than for conforming mortgages.
This is because if a jumbo mortgage loan defaults, it may be harder to sell a luxury residence quickly for full price.
If interest rates climb, the jumbo mortgage for the new house will be more expensive.
As home prices have skyrocketed in many parts of the country, so has the demand for so-called jumbo mortgages to finance them.
Are they rich, with three kids and a jumbo mortgage?
