What is a jumbo loan?
Jumbo mortgages are home loans with higher principal amounts. These loans are more than $453,100 and fall outside the typical guidelines for what the Federal Housing Finance Agency calls “conforming loans.”
Let us walk you through the mortgage loan process
1. Get prepared
Buying a home is a big commitment and you’ll want your finances to be in good condition before you start the process to ensure the best possible outcome. Gather your financial information, like recent tax returns, financial statements and pay stubs; your loan application will let you know what financial information is necessary. You should also review your credit score, take a look at your debt-to-income ratio and take other important steps to position yourself for receiving the best possible loan terms.
Click the button below to read our document on “Maintaining Your Financial Status and Credit Score” for tips to help guide you through the process.
2. Decide what you can afford
Before you begin shopping for a home, take a look at your budget and current expenses to determine what you can afford. You’ll want to evaluate your monthly incoming and outgoing funds to see where a down payment, closing costs and your new mortgage payment might fit in.
3. Get preapproved
Once you know how much home you can afford, complete the application for a preapproval letter. The preapproval will let sellers know that you are a qualified buyer who is prepared to make a home purchase.
4. Find your home
Now’s the time to determine all the traits that make up your perfect home. Research areas and neighborhoods of interest. Also, connect with an RBFCU preferred real estate agent, who can help you search smarter.
5. Complete paperwork
You’ll complete the application process you started with your preapproval request by submitting your documents and continuing through the loan process. This may sound simple, but it can be a big undertaking, depending on your employment status, residency, etc.
6. Finalize your loan
Our mortgage team will help you through each step of the loan process and make sure you know everything you need to know to close your loan with confidence.
Ready to apply for a loan? Here’s what you’ll need to complete the application:
- The amount you would like to borrow
- The number of years you want to finance your loan (term length)
- Your current employment and income information
- Your phone number and email
- Information for joint borrowers you plan to include on the mortgage loan (including date of birth, address, income and employment, Social Security number and contact information; if applicable)
- An idea of the total amount you would like for your loan and monthly payments
For a list of all the documents often required to complete your purchase, download our Mortgage Application Checklist.
How much home can I afford?
How much should I put down for a new home?
How much will my mortgage payments be?
Which is better for me: A fixed-rate mortgage or an adjustable-rate mortgage?
What will my closing costs be?
What is a jumbo loan?
A jumbo loan exceeds conforming loan limits as established by the Federal National Mortgage Association (FNMA). Currently, loan amounts greater than $453,100 are considered jumbo loans.
Do I have to get a jumbo loan if I need more than $453,100?
Yes, any loan amount greater than $453,100 is considered a jumbo loan.
How long does it take to find out if I am approved for a jumbo loan with RBFCU?
Upon receiving a completed loan application and any other requested documentation (income/asset verification, etc.), generally, you will have a decision on the loan request within two to three business days.
Does it typically take longer to close a jumbo loan?
Typically it does not take any longer to close on a jumbo loan.
How soon will someone contact me after I’ve submitted my mortgage application?
Once you submit your mortgage loan application for review, RBFCU will contact you within 24 hours, unless it’s a weekend application.
Still have mortgage questions?
Loans subject to credit approval. Rates and terms subject to change without notice. RBFCU mortgage loans are available only on property in Texas. Origination fee program not available for short term loans, FHA or VA loans. NMLS# 583215