Broaden your search to include banks and mortgage brokers. Finding the best deal on a jumbo loan might take a bit more effort. Lenders will need proof of your income, credit history and assets. There might be a reserve requirement: as much as 12 months’ of mortgage payments in the bank, in addition to sufficient funds to cover closing costs.Lenders want to make sure that your debt burden won’t make it difficult for you to pay your mortgage, especially if you fall on hard times. You’ll need a higher income and a lower DTI.(You might be able to compensate for a lower credit score with a higher down payment, however.) Your application could get rejected if you have negative items on your credit report, such as missed or late payments, a foreclosure or bankruptcy.You’ll need to clear three hurdles to qualify for a jumbo loan with the most favorable terms: a low DTI ratio, a stellar credit score and hefty reserves. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons - and maximizing your savings potential. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below.Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.Here is how to compare mortgage offers on Bankrate in 3 easy steps: Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Comparison-shopping for a mortgage isn’t just smart - it’s crucial to get the most competitive rate and mortgage terms.
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