How We Get Paid

We want this to be a “win-win” situation. So we only want to get paid if we bring you value in the form of finding a personal finance option that works for you. Not by selling your data. We are a wholesale broker, meaning we have access to rates our mortgage lenders offer solely to brokers they work with. Generally, our lenders pay us and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. This is common practice in mortgage transactions where you choose for the lender to pay your broker’s fee upfront. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate, or pay our broker compensation yourself. Please talk to one of our licensed loan officers to explore your options.

Jumbo Loan Rates

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How it works

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Checking rates won’t affect credit score

  1. Get pre-approved:

    With Credible, it only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter and personalized rates, without affecting your credit score.

  2. Compare lenders and choose rate:

    Homebuyers can compare current mortgage rates and loan features from multiple lenders to choose your home loan. Our team of licensed mortgage loan officers is available to answer any questions.

  3. Submit your documents:

    Credible's automated document collection process takes the stress out of applying for a mortgage. You’ll find it’s easy to track your loan all the way through closing.

  4. Finish your loan with us:

    With Credible, you can complete the whole mortgage process online. We have a team of dedicated mortgage experts ready to help you if you need it.

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What is a jumbo mortgage?

A jumbo mortgage is one that is larger than the conforming loan rates set by the Federal Housing Finance Administration (FHFA). A conforming loan is one that can be purchased by Fannie Mae or Freddie Mac, so a jumbo loan is one that’s too large to meet this requirement.

Every year, the FHFA announces the conforming loan limit. Anything above that amount is considered a jumbo loan. For 2021, the conforming limit for most homes in the country is $548,250 However, in places where home prices are generally higher, the limit is higher. For example, in Hawaii and Alaska, the conforming loan limit is $822,375.

As with most other mortgages, it’s important to shop around for jumbo mortgage rates that fit your needs and reflect your situation.

Learn More: What Is a Mortgage Rate and How Do They Work?

How to qualify for a jumbo loan

To qualify for a jumbo loan, you generally need a credit score of at least 700 and a down payment of 10% to 30%.

Additionally, lenders also weigh other factors, such as debt-to-income (DTI) ratio, employment history, and cash reserves. Some lenders require you to have between six to 12 months of payments available to qualify for the best jumbo rates.

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How to shop for a jumbo loan

Make sure to shop around for jumbo mortgages and compare the interest rates, terms, and requirements of each mortgage lender.

When shopping for a jumbo loan, you might end up with a higher mortgage rate or encounter stricter requirements. But you can use Credible to help you compare options and get personalized prequalified rates that are right for you.

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