In the transformative realm of real estate financing and investing, getting an approved jumbo loan is quintessential for investors looking to cash in on high-value assets. As we step into 2024, let’s get the facts straight and look into what the best of the best lenders offer. This blog will talk about various lending institutions and also throw some light on their terms.
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Top Jumbo Loan Lenders in USA (2024)
Wells Fargo
Wells Fargo is a worshipped name as far as real estate lending goes, as it offers a wide range of jumbo loans. Investors prefer Wells Fargo for its competitive interest rates, credibility and expansive branch network. The lender allows for flexible terms that tend to the varying needs of investors from time to time. Here are some key highlights from the offerings:
- Competitive interest rates (5.625% on a 15-year fixed rate jumbo loan).
- Varied jumbo loan offerings to cater to everyone.
- Ability to choose from different repayment periods making it flexible.
- Seamless application and approval process for convenience.
JP Morgan Chase (Chase Home Lending)
JP Morgan Chase’s mortgage division is known as Chase Home Lending, and it is a stalwart in the jumbo home loan scene. Allowing for personalised service and jumbo loans with tempting terms, Chase Home Lending has created a niche for itself. A unique feature is the disbursal of jumbo loans for up to $3 million for approved borrowers. This showcases the lender’s dedication towards fulfilling the financial needs of HNV individuals. Here are some standout features:
- Attractive jumbo loan terms, offering as low as 6.375% interest and 7.208% APR.
- Jumbo loans up to $3 million are available for qualified borrowers.
- Borrowers are entitled to $5000 if the closing does not happen in 3 weeks.
Bank of America
Renowned for the variety of financing solutions and transparency offered, Bank of America is still among the top players within the country. The educational and digital tools offered by the bank empower investors and egg them on to chase larger opportunities. The lender’s customer-first approach makes it a top choice for borrowers navigating the labyrinth of real estate investment. Here are some highlights:
- An LTV ratio of 75% specifically for jumbo loans.
- Transparency is key, and thus, there are no hidden costs or terms.
- Low down payment option at a low 5%.
- Dedicated towards a customer-centric approach.
Quicken Loans (Rocket Housing)
Rocket Housing, earlier known as Quicken Loans, has transformed the mortgage sector with its online approach. The tech-savvy and seamless application process for jumbo loans attracts more and more modern investors. The sheer speed and convenience associated with this online platform bring in more borrowers. Let’s go over some highlights:
- DTI as low as 45% also works.
- LTV Ratio of 89.99% offered.
- Investors with credit scores as low as 680 can apply as well.
- A down payment as low as 3.5% is also accepted.
US Bank
A permanently settled lender that boasts an unwavering commitment to its jumbo loan customers, US Bank is among the best. Portfolio-specific services and flexible terms are some of the top features here. The solid online presence and multiple local branches make it very accessible as well. Here are some key features:
- Variable repayment periods are offered, which can extend up to 30 years.
- Offered interest rates can be as low as 6.50%.
- Monthly payments can be bashed down by extending repayment periods.
- Customers can access the facilities online and in person.
Citibank
Being a top player in the global market, Citibank has a notable presence in the US lending scene as well. Offering jumbo loans with attractive offers, terms and options, this lender’s international exposure and commitment towards its customers is unmatched. Here are some unique features:
- Very aggressively placed rates of interest.
- Taps into its global exposure to provide unmatched customer satisfaction.
- Provides incredibly fair credit options.
- A 3% down payment is an option for borrowers.
SunTrust (Truist)
Although bought out by the Truist Financial Corporation, SunTrust is still among the top players when considering a jumbo loan. Catering to the needs of HNV (high-net-worth) applicants, SunTrust offers brilliant portfolio-specific support and many jumbo loan variants. Here are some of the top features:
- Low interest rate at 3.865%.
- A low down payment of 3% is an option.
- Currently rapidly growing after the merger.
- Wide range of jumbo loan options available.
HSBC Bank
HSBC is another international conglomerate that has a well-established position in the US market. Offering both traditional and jumbo mortgages, HSBC leverages its international client base to provide top-of-the-line customer satisfaction. Here are some top highlights:
- A low-interest rate of 6.384%.
- Repayment periods can be pushed back to 30 years.
- Provides a complete financing solution thanks to its global outreach.
- Incredibly driven to provide the best customer experience.
PNC Bank
Being a prominent presence among the top players offering loans in the US, PNC Bank offers robust jumbo loan solutions. This organisation strives to create customer-specific offers which suit certain portfolios. Here are the top features:
- Applicants can have low credit scores as low as 620.
- The minimum down payment percentage sits at just 5%.
- Ability to choose between fixed and variable rates of interest.
- Jumbo loans can be used for primary or secondary houses.
Conclusion
While this blog mentions all the top players in the US lending market, borrowers must always remember that rates of lending money vary with the market. Hence, surveying the market and comparing offerings is very important. Additionally, a borrower’s financial scenario also determines the terms of the loan.
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