What Do the 2007 Mortgage Loan Limits Mean for You?

Each year mortgage loan limits are established for conventional loans. Borrow more and your total interest costs can rise dramatically even if the amount above the loan limit is just a few thousand dollars according to Peter G. Miller in his latest consumer column for Mortgage-Lenders-Plus.com.

"Mortgage loan limits are the magic divide between conventional financing and jumbo loans," says Miller. "However, many borrowers can avoid the higher costs associated with jumbo financing if they either borrow less or borrow with two loans rather than one. By arranging how they borrow, the result can be a significant reduction in loan costs."

One catch with loan limits, says Miller, is that there's not a single mortgage ceiling.

"Different loan programs have different loan limits. However, it's also true that even within individual loan programs there can be different loan limits depending on where you live. In addition, the ceilings for conventional, VA, and FHA loans can vary," says Miller.

The new Miller column is one of a series of consumer-oriented features published by Mortgage-Lenders-Plus.com as part of its public education program. The entire series -- which includes such subjects as credit score myths, how to get a first mortgage, when to refinance and other important topics for real estate borrowers -- can be found by going to the latest Miller column.

Established in 2000, Mortgage-Lenders-Plus.com provides a unique online destination for borrowers seeking to finance or refinance real estate. Mortgage loan requests worth nearly $10 billion have been processed on the site, and that number grows each day. The company is not a lender, broker or escrow agent; instead it provides an unequaled marketplace where you can match your needs and wants with nearly 200 competing mortgage lenders. For news about loans, lenders, equities and home values, please visit www.mortgage-lenders-plus.com.