The amount of money that makes a loan “jumbo” varies depending on where you’re buying a home. In most U.S. counties, a loan amount above $806,500 for a single-family home requires a jumbo loan. In high-cost areas, that amount rises to $1,209,750.
Find your most competitive jumbo loan rates and save big today.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
You can get the best jumbo loan rates by following these six steps:
If you see a notably low jumbo mortgage rate offer, beware: It may come with a penalty if you pay off the loan early. Ask your loan officer if your quoted rate includes a prepayment penalty.
Many jumbo lenders offer adjustable-rate mortgage (ARM) options with a lower fixed rate that usually lasts for three, five, seven or 10 years. After the initial fixed-rate period ends, ARM rates change (or “adjust”) based on your loan terms.
Some jumbo lenders offer an interest-only option. You start off only paying interest charges without touching your principal balance. But once the interest-only period ends, you pay the remaining balance in installments. This raises your monthly payments for the rest of the loan term.
Military borrowers with full VA loan entitlement can qualify for a loan amount that exceeds conforming loan limits. VA jumbo loans are still subject to the VA’s underwriting guidelines, however.
Using a piggyback loan means taking out two loans at the same time, both secured by the home you’re purchasing. To avoid a jumbo loan, you can take out a first mortgage up to the local conforming loan limit, and then add (“piggyback”) a second mortgage for the additional amount you need to borrow. It’s common to choose a home equity loan or HELOC for the second mortgage.
Advantage: You can avoid the higher interest rates and larger minimum down payment associated with a jumbo loan.
Disadvantage: Having more than one mortgage at a time — also known as utilizing “subordinate financing” — can trigger higher interest rates or extra fees. You’ll have to do the math on both scenarios to determine which option is right for you.
Putting profits from a home sale toward a big down payment is smart, but it also means you’ll have to wait for your current home to sell before buying a new one. However, if you use a bridge loan, you can access equity in your current home while it’s still on the market and pay off the bridge loan once it sells.
Advantage: The cash from a bridge loan can beef up your down payment, keeping the mortgage on your new home at or below conforming loan limits.
Disadvantage: You’ll have to pay closing costs twice — once on the bridge loan and again on your new mortgage.
To determine the best jumbo loan lenders, we reviewed data collected from more than 30 lender reviews completed by the LendingTree editorial staff.
Each lender review gives a rating between zero and five stars based on several features including digital application processes, available loan products and the accessibility of product and lending information. To evaluate jumbo-specific factors, we awarded extra points to lenders that publish jumbo mortgage rates online and offer both fixed- and adjustable-rate jumbo loans.
Our editorial team brought together all of the data about lenders in our reviews, as well as the scores awarded for jumbo-specific characteristics, to find the lenders with a product mix, information base and guidelines that best serve the needs of jumbo loan borrowers. To be considered for our “best overall” pick, lenders must be licensed to issue mortgages in at least 35 states.