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10 Best Mortgage Lenders of September 2020 for Jumbo Loans

NerdWalletSeptember 3, 2020

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Jumbo loans are for homes with prices that exceed the conforming loan limit. We'll help you choose from some of the best jumbo loan lenders of 2020.

If you're shopping for a mortgage in a high-cost area or buying a large and expensive home, you may be looking for a jumbo loan — one that's too big to fit Fannie Mae's and Freddie Mac's requirements.

If you're in the market for a jumbo mortgage, it's essential to choose a lender with experience dealing with the special requirements of jumbo loans.

NerdWallet has picked some of the best mortgage lenders for borrowers looking for a jumbo loan in a variety of categories so you can quickly determine which one is right for you.

Summary of Best Mortgage Lenders of September 2020 for Jumbo Loans

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at Ally

Ally Bank: NMLS#181005

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National / Regional

National

Min. Down Payment

10%

at Ally


Why we like it

Ally Home offers online mortgage applications, with an emphasis on expanded options for jumbo loans.

Pros

  • Excels in online convenience, with document upload, loan tracking and e-signatures.

  • Offers good rate transparency; rate shoppers can see customized interest rates.

  • Jumbo loans with as little as 10% down, with no mortgage insurance.

Cons

  • Limited variety of loan products: FHA, VA and USDA loans are unavailable.

  • Doesn't offer home equity loans and lines of credit.

Read Full Review
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at Better.com

Better.com: NMLS#330511

Great for digital convenience

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National / Regional

National

Min. Down Payment

10%

at Better.com


Why we like it

Good for: Better.com shines for tech-savvy borrowers who prefer an online experience.

Pros

  • For higher-value homes, offers 10% down with no mortgage insurance on jumbo loans.

  • An online process with human help as needed.

  • Offers an "underwriter-reviewed" preapproval letter in as little as 24 hours.

Cons

  • No physical locations, so in-person support isn't available.

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at Chase

Chase: NMLS#399798

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National / Regional

National

Min. Down Payment

10%

at Chase


Why we like it

Chase offers jumbo mortgages of up to $3 million with flexible loan terms including fixed-rate, adjustable-rate and interest-only loans.

Pros

  • Allows electronic submission and tracking of documents.

  • Existing Chase customers can get discounts.

  • Offers a wide selection of purchase and refinance mortgages.

Cons

  • Charges rate lock, origination and underwriting fees.

  • You have to speak with a mortgage banker to get complete info on products and requirements.

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at Fairway

Fairway Independent Mortgage: NMLS#2289

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National / Regional

National

Min. Down Payment

N/A

at Fairway


Why we like it

Good for borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

Pros

  • Offers a robust suite of loan products, including a variety of renovation loans.

  • Has a digital application that can be completed in 10 minutes.

  • Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.

Cons

  • Mortgage rates aren't posted online.

Read Full Review
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at Rocket Mortgage

Rocket Mortgage by Quicken Loans: NMLS#3030

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National / Regional

National

Min. Down Payment

10%

at Rocket Mortgage


Why we like it

Ideal for anyone who appreciates smartphone app service, support and time savings.

Pros

  • The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.

  • With your authorization, accesses asset statements from 98% of U.S. financial institutions.

  • Tells you the loan amount you’ll qualify for within minutes.

  • Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.

Cons

  • If you’re a “look me in the eye” type of customer, you’re out of luck.

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at NerdWallet

Guaranteed Rate: NMLS#2611

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National / Regional

National

Min. Down Payment

5%

at NerdWallet


Why we like it

Good for borrowers who are looking to apply for a mortgage and manage the process through online tools. Guaranteed Rate offers jumbo loans up to $3 million.

Pros

  • Offers the ability to securely upload and digitally sign loan documents.

  • Displays detailed sample rates for many of its loan products.

Cons

  • Doesn't offer home equity loans or lines of credit.

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Bank of America: NMLS#399802

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Min. Credit Score

680

Min. Down Payment

10.01%


Why we like it

Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages, including jumbo loans up to $5 million.

Pros

  • Allows borrowers to apply entirely online.

  • May give existing customers a discount on mortgage lender origination fees.

  • Accepts down payments of less than 20% for jumbo loans.

Cons

  • Does not offer renovation loans.

Read Full Review

SunTrust: NMLS#2915

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National / Regional

National

Min. Down Payment

10.01%


Why we like it

Good for: jumbo borrowers who want flexibility. SunTrust Mortgage offers a variety of jumbo financing solutions, including options with no mortgage insurance.

Pros

  • Offers a wide variety of loan options, including special programs for doctors, entrepreneurs and other professionals.

  • Offers a complete suite of online mortgage application tools and loan tracking.

  • Sample rates and fees are easy to find on the website.

Cons

  • Customized rates aren't available online without starting an application.

  • Branches are limited mostly to the Southeast.

Read Full Review

Citibank: NMLS#412915

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Min. Credit Score

680

Min. Down Payment

15%


Why we like it

Good for: Borrowers looking for maximum jumbo loan amounts on the higher end: Citibank lends up to $8 million for qualified borrowers.

Pros

  • Provides customizable mortgage rates on its website.

  • Offers low rates and fees compared with other lenders.

  • Has higher maximum loan amounts.

Cons

  • Charges a mortgage application fee.

  • Requires help from a mortgage loan officer to complete the loan application online.

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PNC: NMLS#446303

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National / Regional

National

Min. Down Payment

15%


Why we like it

Ideal for those looking for online application support and a variety of jumbo loan term options

Pros

  • Online tools help you estimate mortgage payments and track application progress.

  • Can be used for primary or second home purchases.

  • $5 million max jumbo loan amount.

Cons

  • It's not possible to complete the entire mortgage process online.

  • In-person service is not available in every state.

Read Full Review

Last updated on September 3, 2020

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Mortgage Lenders of September 2020 for Jumbo Loans