11 Best Mortgage Lenders of April 2020 for Jumbo Loans

Why we like it

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

• Charges an application fee of $1,170, on average.

• Has a high volume of consumer complaints, even for a big national bank.

Why we like it

Pros

• Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.

• Has a 95% customer satisfaction rate, according to company data.

Cons

• Charges some fees, such as a $1,290 lender fee, which includes a $150 application fee.

Why we like it

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.

Why we like it

Pros

• Boasts of closing loans quickly.

• No upfront origination or broker fees.

• 24/7 access to your loan and its progress.

• Transparent platform that automates (and shortens) the refinance process.

Cons

• Currently operates in a limited number of states.

Why we like it

Pros

• Offers full online mortgage application, rate quotes, document upload and loan tracking.

• Fixed- and adjustable-rate jumbo loans available.

• Down payments as low as 5% on jumbo loans.

Cons

• Services not available in all 50 states.

Why we like it

Pros

• Provides an entirely digital mortgage application to make the process easier for borrowers.

• Considers nontraditional income, such as restricted stock units, and works with self-employed borrowers.

• Does not require private mortgage insurance for jumbo loans.

Cons

• Doesn't offer government-backed loans, like FHA or VA.

• Does not offer home equity loans or HELOCs.

Why we like it

Pros

• Claims a three-minute application process for initial preapproval.

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

• Loan officers aren't paid commissions, they are strictly available for "support, not sales."

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

Cons

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

Why we like it

Pros

• A robust suite of loan products.

• Licensed in all 50 states.

• Close in as little as 10 days using the Fairway app.

Cons

• Limited branch locations.

• Mortgage rates not posted on website.

Why we like it

Pros

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

• Provides customer service in its physical locations, online, via chat and by phone.

• Has a Doctor Loan Program for medical professionals who have high earning potential but little cash for down payments.

Cons

• Customized rates not available on website without starting an application.

• Branches limited mostly to the Southeast.

Why we like it

Pros

• Discounts for Citibank customers.

• Available in all 50 states.

• Higher maximum loan amounts.

Cons

• Charges a mortgage application fee.

• Did not disclose origination fees, which may vary.

• Can't complete loan online.

Why we like it

Pros

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

• Interest-only and cash-out jumbo options available.

• $5 million max jumbo loan amount.

Cons

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

• Typical fees range from 3% - 5% of the loan amount