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During the mortgage crisis, the vast majority of jumbos were adjustable-rate mortgages and hybrid adjustable-rate mortgages, which started at low fixed rates and switched to adjustable interest rates at the end of a set time period typically of five, seven or 10 years, said Keith Gumbinger, vice president at HSH.com, a mortgage-information website.
WSJ: Fixed-Rate Jumbo Mortgages Make a Comeback
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Loan officers source and originate mortgage loans, they collect your information and your documents and submit your mortgage loan to a team of processors and underwriters, loan officers do not have the authority to approve your loan.
FORBES: Why Getting Pre-Approved For A Mortgage Is A Sham
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BankRate provides information on mortgage, car loans and insurance on a variety of Web sites, generating revenue by selling advertising and generating customer leads.
FORBES: BankRate: An IPO Day Chat With CEO Tom Evans