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Any 15-year jumbo mortgages around low 3% out there ?

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  • Any 15-year jumbo mortgages around low 3% out there ?

    What is a good way to shop for jumbo loans without calling 15 banks or credit unions? I used to use the bankrate website to shop for cheap rates for conventional loans, but it doesn’t work well for jumbos, and doesn’t even seem that great for conventional loans either these days. And it seems no websites will give you actual numbers unless you give them your phone number and email address and I don’t want to give it out on some website randomly and get inundated with calls or emails when I’m at the initial rate comparison stage.

    We are considering a refi of our 10/1 ARM to a 15-year. In order to make it worth it for us (ie giving up flexibility of a lower payment in return for a lower fixed rate) I’d like to see low cost jumbo loans in the 3-3.25% range. Does anybody have recommendations for specific lenders (we are in the South but not in Texas or Florida, btw). We have excellent credit and no debt besides mortgage. We are not in a position to move $500k or something to get a lower rate.

  • #2
    As I posted on another thread recently, physician client family in CA financed a jumbo at 2.5% within the last month. This lender does business in every state but TX. I sent another CA physician family there for refi, but less than jumbo, and the rate was in the range you mentioned above. So, yes, they are out there. Given that you’re in a position to move that much $$, I would be optimistic.

    You’ll need to email me if you want the name and contact info. I don’t care for the PM system on this site. (And...in case you’re wondering, this is not a trick to get your personal info. I doubt there is any CPA who has less desire than me for that at the moment. lol.)

    [email protected]
    Financial planning, investment management and CPA services for medical professionals | 270-247-6087

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    • #3




      As I posted on another thread recently, physician client family in CA financed a jumbo at 2.5% within the last month. This lender does business in every state but TX. I sent another CA physician family there for refi, but less than jumbo, and the rate was in the range you mentioned above. So, yes, they are out there. Given that you’re in a position to move that much $$, I would be optimistic.

      You’ll need to email me if you want the name and contact info. I don’t care for the PM system on this site. (And…in case you’re wondering, this is not a trick to get your personal info. I doubt there is any CPA who has less desire than me for that at the moment. lol.)

      [email protected]
      Click to expand...


      I tried looking through briefly and did not find the other thread where you posted it. Are you able to post what company that was from? We are going to be purchasing a home soon (as soon as they finish building it!) and will be looking for 15-year mortgage. I think we'll be below a jumbo with a purchase price around 570k with 20% down. That rate looks better than I've seen recently.

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      • #4


        I tried looking through briefly and did not find the other thread where you posted it. Are you able to post what company that was from? We are going to be purchasing a home soon (as soon as they finish building it!) and will be looking for 15-year mortgage. I think we’ll be below a jumbo with a purchase price around 570k with 20% down. That rate looks better than I’ve seen recently.
        Click to expand...


        I never posted the contact information. I'm sorry, but I have several relationships and would not "advertise" a single provider to such a wide audience. You are welcome to email me if you would like.
        Financial planning, investment management and CPA services for medical professionals | 270-247-6087

        Comment


        • #5
          2.5% jumbo? Spectacular assuming it's not a 1 or 3 year arm.

          Now you're speaking my language.

          How about beating a 3.5% 10 year fixed commercial loan (no balloon), just over 8 years left. I would need $1.4M. I originally took out $1.7M with about $27K in fees and taxes to get the loan so the difference in rates will have to be good enough to beat the refinance expenses and give me some benefit. This string has me considering a refi inquiry.

          Otherwise I plan to pay it off in the next 3 years with the business profits. I know how you feel about that and if I see a more attractive risk reward in the markets or if CD rates rise above the 3.5% handle (very dubious over the next year), I'll reconsider that plan.

          If the trade war causes further weakness and prohibits the Fed's elusive 2% inflation target, the 10 year could drop to a 1 handle and lower rates may be on the horizon, otherwise this is still a good time for those who have good reason to refinance. I can't believe the futures have priced in a July rate cut, now they're talking about 25 basis points (likely) vs 50 (less likely at this point)! The policy of bargain rates will likely continue at least thru the election.

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          • #6
            When I shopped physician loans awhile back, by far Jonathan Brozek at US Bank had the best options and rates:

            Jonathan Brozek | U.S. Bank Home Mortgage
            Private Wealth Mortgage Banker | Physician Loan Specialist
            Direct 916.601.8782 | Fax 916.788.7972|[email protected]

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            • #7




              When I shopped physician loans awhile back, by far Jonathan Brozek at US Bank had the best options and rates:

              Jonathan Brozek | U.S. Bank Home Mortgage
              Private Wealth Mortgage Banker | Physician Loan Specialist
              Direct 916.601.8782 | Fax 916.788.7972|[email protected]
              Click to expand...


              Jonathan is a referral resource, takes very good care of his home buyers.
              Financial planning, investment management and CPA services for medical professionals | 270-247-6087

              Comment


              • #8
                US Bank is likely one of the better of the larger institutions. Forget most other majors.

                All my current loans and non-investment deposits are with federal credit unions or other federal institutions. They are spectacular.

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                • #9
                  2.5% is amazing.

                   

                  I just received a 30 year jumbo, 10% percent down for 3.375% after moving $1mill over. BofA physician loan. Of course rates have gone down since but then BofA worsened the incentive for asset transfer.

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                  • #10
                    US bank 15 year is no better than my current 30 year.

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                    • #11
                      I got 3.25, Jumbo, 15 year fixed with Quicken Loans. I shopped around and this was the best rate with closing cost costs at 5k. Also liked I didn’t have to move money to WF or BofA.

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                      • #12




                        I got 3.25, Jumbo, 15 year fixed with Quicken Loans. I shopped around and this was the best rate with closing cost costs at 5k. Also liked I didn’t have to move money to WF or BofA.
                        Click to expand...


                        Closing costs at 5k??? what was the purchase price? this sounds like a very good deal!

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                        • #13
                          Should have clarified. It is a Re-Fi. Total loan approx 775K.

                          Comment


                          • #14
                            My quicken rate for a jumbo is 4%. 15 year. Loan $650k, 25% equity, perfect credit. Rates apparently substantially higher where I live.

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                            • #15




                              My quicken rate for a jumbo is 4%. 15 year. Loan $650k, 25% equity, perfect credit. Rates apparently substantially higher where I live.
                              Click to expand...


                              I didn't realize rates were so location dependent

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