Jumbo Loans Resources

Homeowners discussing over breakfast the limit on their jumbo loan

Jumbo Loan Process

When you need a mortgage for a home with a higher listing price, you need a Jumbo loan. Also known as a non-conforming loan, a Jumbo loan provides financing amounts higher than the conforming loan limit set annually by the Federal Housing Finance Agency (FHFA).
 
We have an extensive range of Jumbo purchase and refinance programs as well as the experience to help you close quickly.

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Step One

Within the first 14 days after submitting your application, we’ll work closely to gather all documentation, ensure everything is complete and accurate, and submit the application to loan processing for review.

If you’re purchasing a home, schedule your inspection as soon as you go under contract so you will know if there are any concerns with the home.

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Step Two

The loan processor will start reviewing your documentation within 24 hours and complete the review within 2 days of receipt. The processor will then submit your loan to underwriting.
 
We will also order your appraisal. Some loans for higher amounts require 2 appraisals.

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Step Three

The underwriter will complete an initial review within 24 hours. If any conditions (missing or additional items or information) are required, your loan will be sent back to the processor to clear them and prepare for closing. Once complete, the loan will return to underwriting for final review and approval.

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Step Four

The underwriter will issue a clear to close (CTC) and advise the processor, who will inform all parties of the CTC, verify the closing date and time, and place the loan in the closing queue. The closer will have 24 hours to provide closing documentation to the settlement agent.

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Step Five

You’ll attend the closing and sign the final documents. Congratulations!

Mortgage Calculators

How much will my mortgage payment be?

When you’re planning for a home purchase, it’s important to have an estimate of your monthly mortgage payment. To use this calculator, complete the Home Information and Loan Information below. [CALCU

How much will my adjustable rate payments be?

Adjustable rate mortgages (ARMs) typically provide low interest rates, but payments are not fixed after the initial loan term. This calculator will show you your monthly payment for an ARM based on yo

How much can I save if I refinance my mortgage?

Replacing your current mortgage with a new one is called refinancing. You can save money by refinancing* to a lower interest rate (monthly savings) or a shorter loan term (long-term savings). To use t

Mortgage Checklist

The following information is usually required during the Jumbo home loan process. Additional documentation may be needed.

  • Your government-issued photo ID
  • Federal tax returns for the most recent 2 years
  • W-2s and/or K-1s for the most recent 2 years
  • Current P&L and balance sheet (if applicable)
  • Pay stubs for the past 30 days
  • Bank statements for the most recent 2 months
  • Most recent copies of asset/retirement account statements
  • The declarations page of your homeowners insurance

Find a Loan

I want to buy a home and I plan to live there for many years.

A fixed-rate Jumbo loan is a good choice. It gives you certainty and stability over the life of your loan because your monthly principal and interest payment will not change. It is likely that your property taxes and homeowners insurance will increase, and if they are escrowed, your monthly payment will rise accordingly.

I want to buy a home, but I don’t plan to live in it for more than a few years.

An Adjustable Rate Mortgage (ARM) may be your best choice. ARMs usually have lower initial rates than fixed-rate loans, and there are caps on both rate and monthly payment increases. However, once your loan does start adjusting (commonly in 5, 7, or 10 years, depending on your loan terms), your rate and payments will be determined by the market index for the loan. You could also experience negative amortization, meaning the payments don’t cover the interest on the loan and your loan balance will increase.

I want to refinance my Jumbo loan*.

We offer a variety of Jumbo refinance loans. Depending on your goals, you may want to refinance to a lower rate for immediate monthly savings, refinance to a shorter term for long-term savings, or refinance to take cash out by tapping the equity in your home.

I’m a foreign national.

If you are a foreign national and want to buy a second home or investment property, we have Jumbo loans available for your situation.