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Are mortgage rates higher or lower on a Jumbo loan? Looking in WA

by g_hunter214 from Seaview, Washington. Apr 4th 2016 Reply


Dave Skow (daveskow)
#1 ranked lender in Washington - 224 contributions

the " threshold" for the conforming / jumbo loan in your county is $417K ...what loan amount are you interested in ?...normally jumbo loans ( . 417K ) are slightly higher than conforming loan rates/ fees .....the jumbo loan also can have a bit more conservative guidelines...I am in WA so feel free to contact me if you need any assistance ..>Dave Skow

Apr 4th 2016
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Greg Ocken (greg.ocken@movementmortgage.com)
#92 ranked lender in Washington - 9 contributions

Are you looking in Pierce/King/Snohomish counties? if so, I'd be glad to help. Loan size up to $417k is considered 'conforming', loan sizes up to $540,500 are considered 'high balance', loan sizes above 540,500 are considered 'jumbo'. Conforming and High Balance can typically be done with 5% downJumbo need 10% down Rates vary of course, depending on buyer, down payment percentage, etc, however, high balance and jumbo rates are pretty good right now. Let me know how I can help.Thanks.-Greg253.426.0016NMLS669056

Apr 4th 2016
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

The rates on Jumbo loans are typically a little higher than the conforming products.

Apr 5th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,659 contributions

More info needed to directly answer your question.. but in general, jumbo loans across the board are always going to be higher.. The more potential loss a lender might be exposed to, the greater return they should receive.. But also understand that the down payment requirements will also be larger.. Certain area's are considered "high balance" which allows for loans outside of conforming guidelines of $417K.. Depending on the area you are looking in, it's possible you can stay within the conforming loan limits of conventional and not have to pay jumbo rates and down payment requirements.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Apr 5th 2016
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