Jumbo Mortgage for PURCHASE...not refinance

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
tapotti
Posts: 64
Joined: Thu Jun 02, 2011 8:37 pm

Jumbo Mortgage for PURCHASE...not refinance

Post by tapotti » Fri Jul 31, 2020 6:21 pm

I see the mega thread for refinancing, but I'm more interested on recent experiences acquiring a jumbo loan for a personal residence purchase.

I'm in Northern California if that matters.

What sort of rates are you guys seeing? I've applied to a bunch of places, and right now, Ally is my lowest rate at 3.375% including ~$1750 in lender credit. What other banks or credit unions should I look at?

Also, do any of you worry about closing on time due to mortgage delays? My closing date is 39 days from now.

Thanks!

liberty53
Posts: 71
Joined: Sat Oct 18, 2014 7:31 am
Location: Boston Area

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by liberty53 » Fri Jul 31, 2020 6:40 pm

I used Chase. It was 3% with no points and 2.5% with 2 points for a 30 year fixed. Also if you become a Chase Private Client with $250K brought to the bank (don't have to keep it there long) you can get another 1/8th point off.

Closing costs from the bank were around $500 or so.

I closed in the beginning of July with about 4.5 weeks from application to close, but really had to stay on top of them.

Navy Federal had close to the same rates.

Topic Author
tapotti
Posts: 64
Joined: Thu Jun 02, 2011 8:37 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by tapotti » Fri Jul 31, 2020 6:48 pm

Interesting. I applied to Chase couple days ago, but the loan officer assigned isn't back until Sunday. Ugh. Will be interesting to see what he can offer.

60B4E24B
Posts: 42
Joined: Tue Jul 16, 2019 8:55 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by 60B4E24B » Fri Jul 31, 2020 8:46 pm

I was quoted the following today for new purchase jumbo ($1.5M+) in NYC from Wells Fargo:

30y: 3.25%
10/1: 2.625%
7/1: 2.5%

Those are pre-discount, no points. You get a 0.125% reduction for each $250k you bring over, up to 0.5%/$1M. The best part is that your downpayment can be included in that. In fact, you only need to have the money in the linked accounts on the day you price the loan. It doesn't need to sit until closing.

ymmt
Posts: 25
Joined: Fri Jul 10, 2020 10:59 am

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by ymmt » Sat Aug 01, 2020 7:03 am

60B4E24B wrote:
Fri Jul 31, 2020 8:46 pm
I was quoted the following today for new purchase jumbo ($1.5M+) in NYC from Wells Fargo:

30y: 3.25%
10/1: 2.625%
7/1: 2.5%

Those are pre-discount, no points. You get a 0.125% reduction for each $250k you bring over, up to 0.5%/$1M. The best part is that your downpayment can be included in that. In fact, you only need to have the money in the linked accounts on the day you price the loan. It doesn't need to sit until closing.
Dammit, that's a pretty good deal... Would jump on that if I wasn't in the refi camp. Also cant take advantage of the rate discount with a refi (no down payment, and I'm not willing to send Wells a million bucks)

BillWalters
Posts: 106
Joined: Sun Aug 11, 2019 5:21 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by BillWalters » Sat Aug 01, 2020 7:29 am

Be aware that unless your income is very stable and on a W-2 the big banks can be horrible to deal with. Pre-approvals mean next to nothing. Wells Fargo was absolutely awful in this regard, no communication and would not close despite liquid assets many times the size of the loan and AGI of 2x the loan amount. I’d recommend a credit union.

liberty53
Posts: 71
Joined: Sat Oct 18, 2014 7:31 am
Location: Boston Area

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by liberty53 » Sat Aug 01, 2020 7:54 am

tapotti wrote:
Fri Jul 31, 2020 6:48 pm
Interesting. I applied to Chase couple days ago, but the loan officer assigned isn't back until Sunday. Ugh. Will be interesting to see what he can offer.
Made a mistake on my post - It was 1.7 points for the .5% reduction from 3% to 2.5%.

If you have a Chase branch near you it might be worthwhile to walk in and talk to one of their lenders.

jfmiii
Posts: 65
Joined: Fri Apr 25, 2014 1:36 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by jfmiii » Sat Aug 01, 2020 10:16 am

I purchased a home in October 2019. $699k jumbo in IL, used Chase. 3.625% 30yr fixed. Have been trying to get a refi at or under 300bps since the Fed cut rates this spring. Refi rates are maybe 25bps better than my loan. Not worth it, yet, Jumbo mkt is still fubar'd. Hoping it improves over the next 6 months as we stay lower for longer and MBS investors are forced to reach for yield in non-agency bonds.

Goal33
Posts: 1301
Joined: Sun Apr 12, 2015 12:30 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by Goal33 » Sat Aug 01, 2020 10:27 am

Yes, I went with citi and had good rates.

39 should be enough time to get it done but stay on top of them and have your stuff organized.
A man with one watch always knows what time it is; a man with two watches is never sure.

Isabelle77
Posts: 594
Joined: Thu Dec 17, 2015 1:43 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by Isabelle77 » Sat Aug 01, 2020 10:29 am

We closed 6/30 and also used chase for a jumbo. 3.1% without points. We did get a relationship discount because our Amazon Prime card is a chase visa.

Topic Author
tapotti
Posts: 64
Joined: Thu Jun 02, 2011 8:37 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by tapotti » Sat Aug 01, 2020 10:44 am

I have an Amazon chase card too.

I guess chase is the one for me to check out

ScaledWheel
Posts: 114
Joined: Sat Jul 23, 2011 8:06 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by ScaledWheel » Sat Aug 01, 2020 11:34 am

Around 3.25% is what I'm seeing too. Big banks have been useless for me as I'm in the start of my career; one year into my first higher paying, non-academic job. I am using a local broker who has helped find those local CUs/banks that will take my business.

Topic Author
tapotti
Posts: 64
Joined: Thu Jun 02, 2011 8:37 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by tapotti » Sat Aug 01, 2020 2:35 pm

Citi just quoted me 3.25, no points, for relationship mortgage (60k transferred about week before closing).

Will check on chase tomorrow or Monday.

Topic Author
tapotti
Posts: 64
Joined: Thu Jun 02, 2011 8:37 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by tapotti » Mon Aug 03, 2020 11:17 am

Chase just quoted me 3.25, no points, no relationship.

liberty53
Posts: 71
Joined: Sat Oct 18, 2014 7:31 am
Location: Boston Area

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by liberty53 » Mon Aug 03, 2020 11:32 am

I stopped getting the Sunday paper many years ago, but with the move into the new place I received a subscription as a gift.

I was reading the paper yesterday and they had a mortgage section compiled by the paper with rates from local banks. Some of the jumbo rates were below 3% with low loan costs. Maybe it's worth grabbing the Sunday paper in your area and checking to see if they have something similar.

One would think the internet would trump the local paper - wish now I had looked at the paper when I was mortgage shopping since I would have preferred working with a local bank.

Topic Author
tapotti
Posts: 64
Joined: Thu Jun 02, 2011 8:37 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by tapotti » Mon Aug 03, 2020 2:34 pm

Got a 2.875, no points from SAFE credit union.

liberty53
Posts: 71
Joined: Sat Oct 18, 2014 7:31 am
Location: Boston Area

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by liberty53 » Mon Aug 03, 2020 4:15 pm

tapotti wrote:
Mon Aug 03, 2020 2:34 pm
Got a 2.875, no points from SAFE credit union.
Nice! - what are their fees?

User avatar
Go Blue 99
Posts: 937
Joined: Thu Oct 09, 2008 3:42 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by Go Blue 99 » Mon Aug 03, 2020 4:19 pm

tapotti wrote:
Mon Aug 03, 2020 2:34 pm
Got a 2.875, no points from SAFE credit union.
That’s really good. Any strings attached?
We are under contract on a home and we locked last week at 2.875% with 0.91 pts. That is 30 yr fixed.

Not worried about delays.

Topic Author
tapotti
Posts: 64
Joined: Thu Jun 02, 2011 8:37 pm

Re: Jumbo Mortgage for PURCHASE...not refinance

Post by tapotti » Mon Aug 03, 2020 4:23 pm

Low fees, essentially 900 bucks and then the costs from the title company.

No other strings that I can see. You obviously have to have a checking/savings account with them, but you only need to have like 25 bucks in there

Post Reply