Notably, Ally allows restricted stock units to count towards jumbo loan reserve requirements
Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans. The interest rate table below is updated daily to give you the most current purchase rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single-family residence. To learn more, see understanding Bankrate rate averages.
Top 5 Bankrate jumbo mortgage lenders
- Ally Bank – Best overall
- CIT Bank – Best bank lender
- First Mortgage Direct – Best no-fee lender
- Better – Best online lender
- PNC Bank – Best for refinancing
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.
Ally Bank – Best overall
Ally Bank is an online bank and lender that offers several benefits for borrowers seeking jumbo loans and other types of mortgages.
Strengths: Ally Bank displays interest rates and ;ll be able to get preapproved in as little as three minutes, with the typical closing taking place 10 days faster than the industry average, according to the bank.
Weaknesses: The bank doesn’t lend mortgages in some states, and if you’re a first-time homebuyer seeking a jumbo loan, you’ll need at least 12 months’ reserves to qualify.
CIT Bank – Best bank lender
CIT Bank, which also does business as OneWest Bank in Southern California, has fixed-rate products ranging from 10- to 30-year terms, as well as adjustable-rate and interest-only loans. The bank also offers jumbo loans up to $2 million.
Strengths: If you’re a banking client, you can get a lower mortgage rate if you deposit a certain portion of the loan principal into your account, and $525 cash back after you close your loan. You can also view interest rates online after inputting some basic information.
Strengths: First Mortgage Direct has no hidden fees or limited-time offers, and you can receive a personalized rate within seconds through its website. Borrowers are also able to close in 30 days, which is in line with many other lenders’ timelines.
Better – Best online lender
Better, also known as Better Mortgage, is an online mortgage lender. It ranks highly on Bankrate’s lists of best mortgage lenders overall, best online lenders and others.
Strengths: With Better, you can get a rate quote in seconds and a preapproval in as little as three minutes. The lender doesn’t charge unnecessary fees, either.
Weaknesses: There aren’t any branch locations, which can be a disadvantage if you’re looking for in-person support from a loan officer.
PNC Bank – Best for refinancing
PNC Bank is a bank offering an array of financial products, from high-yield savings accounts to different types of mortgages.
Strengths: PNC Bank can do jumbo purchase loans and refinances up to $5 million. The bank also offers online preapprovals (these take 20 to 30 minutes to generate) and showcases interest rates on its website. In addition, some clients have access to discounts on mortgages.
Weaknesses: Relationship pricing is only available to PNC Wealth Management and Hawthorn clients who have at least a $500,000 balance, which can be a barrier of entry for some borrowers.