Best Mortgage Lenders for Jumbo Loans | August 2022
There are very few people who can pay cash for a house. So most people who want to buy a home get a mortgage to help finance their purchase. Depending on where you live and the type of home you want to buy, you may have to borrow a large amount of money. If you're borrowing more than a certain amount, you may have to get a jumbo mortgage rather than a traditional one.
You can use a jumbo loan to borrow a large amount of money when the purchase price of a home is too high for a regular (a.k.a. conforming) mortgage. Typically, the mortgage rate for a jumbo loan will be slightly higher than that for a conforming loan. You also might need to have a higher credit score to qualify.
Because a jumbo loan can be more expensive than a typical mortgage, it's important to make sure you find the right lender. These are some of the best lenders to work with if you're looking for the best jumbo mortgage rates.