Conforming loans are generally sold to Fannie Mae or Freddie Mac.   At the time of loan application I  submit an electronic application to one of these agencies to assure that you will be approved immediately.  The general guidelines on these loans are very consistent and we will often know if you are approved within an hour.  The higher your credit score the better your rates will be.  

Mortgage loans in excess of $417,000 are known as jumbo loans or non-conforming loan.  These non conforming loans carry significantly higher rates than loans up to $417,000.  I often recommend splitting any mortgage debt $650,000 or less into a first mortgage for $417,000, and a 2nd mortgage for the remainder.  This is also referred to as a piggy back loan.

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