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The Best Jumbo Loan Lenders of 2021

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The best jumbo loan lenders offer competitive rates and quality online information to help finance homes in high-cost areas or luxury properties. If you need a loan amount of more than $548,250 — the conforming loan limit for most parts of the country — a jumbo loan may be in your future.

The top 5 best jumbo loan lenders

A jumbo loan is a conventional loan that doesn’t meet lending guidelines or conforming loan limits set by government-backed entities Fannie Mae and Freddie Mac. Homebuyers searching for expensive homes can borrow up to $1 million to $2 million with a jumbo loan, according to the Consumer Financial Protection Bureau (CFPB).

Below is a snapshot of the best jumbo loan lenders, based on the median annual percentage rate (APR) offered, and their “online information quality score,” which we’ll explain below.

Lender Median APR offered OIQ score
Mutual of Omaha Mortgage 2.27% 5
AmeriSave Mortgage Corp. 2.43% 5
United Fidelity Funding Corp. 2.51% 4
Paramount Bank 2.61% 4
First Federal Bank of Kansas City 2.63% 5


To determine the best jumbo loan lenders, we analyzed data from actual 30-year fixed-rate mortgage loan terms that lenders have offered to jumbo borrowers on LendingTree. We filtered by lenders active in at least 10 states, then chose the top five lenders by median annual percentage rate for the past 12 months. Finally, we gave the jumbo mortgage lenders “online information quality” (OIQ) points based on how easy it was to find quality information on the lender’s website, including details about available loan products, mortgage tools and how to apply for a mortgage.

Mutual of Omaha Mortgage

  • Mutual of Omaha Mortgage is headquartered in San Diego and is a subsidiary of Mutual of Omaha Insurance Company. The company was founded in 2016 and is licensed to originate mortgages in 48 states.
  • Mutual of Omaha Mortgage offered a median 30-year fixed-rate jumbo purchase APR of 2.27% on the LendingTree platform.
  • OIQ rating. Mutual of Omaha Mortgage scored an OIQ rating of 5, with product and loan program information featured on the home page and easy-to-find “Apply” buttons to start the home loan process. The site also provides helpful articles on a variety of mortgage-related topics, as well as several mortgage calculators under the “Resources” tab to help crunch numbers.

AmeriSave Mortgage Corporation

  • AmeriSave Mortgage Corp. is a direct lender that offers mortgages in 49 states and the District of Columbia. The company is headquartered in Atlanta and offers customers a digital mortgage experience.
  • AmeriSave offered a median 30-year fixed-rate jumbo purchase APR of 2.43% on the LendingTree platform.
  • OIQ rating. AmeriSave Mortgage scored an OIQ rating of 5, with loan product information, educational articles and a variety of mortgage calculators located on the home page. Customers can use the “Get Started” button to begin an online application.

United Fidelity Funding Corporation

  • United Fidelity Funding Corp. is a full-service, privately held mortgage lender headquartered in Kansas City, Mo. The company offers conventional and government-backed loan programs, and is licensed in 18 states.
  • United Fidelity offered a median 30-year fixed-rate jumbo purchase APR of 2.51% on the LendingTree platform.
  • OIQ rating. United Funding scored an OIQ rating of 4, with a home page that features links to home loan program details, a client education section that explains loan processing and paperwork needs and helpful mortgage blog posts. We subtracted one point because there is no working “Apply Now” button; the blue and white “Quick Application” returned an error message.

Paramount Bank

  • Paramount Bank is a full-service independent bank founded in 1970. The company is headquartered in St. Louis and can lend in all 50 states.
  • Paramount Bank offered a median 30-year fixed-rate purchase APR of 2.61% on the LendingTree platform.
  • OIQ Rating. Paramount Bank scored an OIQ rating of 4, with details about Paramount’s mortgage programs on offer under the “Home Loans” tab and “Loan Products” subtab. A robust “Learning Center” features information about everything from the loan process and closing costs to tips for a quick closing experience. Meanwhile, the “Loan Products” section under the “Home Loans” tab provides details about Paramount’s mortgage programs. We took a point off, however, because the “Apply Now” button for home loans takes a few extra clicks to get to, and customers might confuse it with the “Apply Now” button featured on the home page, which guides users to a link where they can open a deposit account.

First Federal Bank of Kansas City

  • First Federal Bank of Kansas City is a community bank that offers mortgages in all 50 states and a wide range of banking services and products. The company was founded in 1943 and is headquartered in Kansas City, Mo.
  • First Federal Bank of Kansas City offered a median 30-year fixed-rate purchase APR of 2.63% on the LendingTree platform.
  • OIQ Rating. First Federal Bank of Kansas City scored an OIQ rating of 5, with loan product information, mortgage calculators and a bright pink and white “Apply Now” button on its home page. The “Education Hub” link allows readers to explore articles on a number of finance-related topics such as buying a home, which is featured on the “Owning a Home” playlist.

Tips for getting the best jumbo rates

Jumbo lenders can set interest rates based on their own standards because they usually hold jumbo loans in their loan portfolios. That means you’re likely to find big differences in 30-year jumbo rate quotes depending on the lender. If you’re borrowing $1 million or more to buy a home, shopping for the best jumbo loan rates could save you hundreds, if not hundreds of thousands of dollars over the life of a loan.

Here are a few tips:

  • Check with your bank to see if they offer special rates on jumbo loans, especially if you carry large deposit balances.
  • Try mortgage banks and mortgage brokers for unique employment scenarios.
  • Get at least three to five different quotes on the same day.
  • Expect slightly higher rates than conforming loans.

FAQs about jumbo loan requirements

You may need to jump through more hoops for a jumbo loan approval than for a conforming loan. Here are some FAQs about jumbo loan requirements:

What qualifies you for a jumbo loan? Although guidelines may vary from lender to lender, jumbo loan lenders typically require:

  • A 20% minimum down payment
  • A 680 minimum credit score
  • A maximum 45% DTI ratio
  • Additional 12 to 24 months of cash reserves, depending on the lender

What is the difference between a jumbo versus a conforming loan? Jumbo loan amounts are higher than conforming loan amounts, and the qualifying requirements are more stringent. Besides a higher down payment and lower debt-to-income (DTI) ratio, you’ll most likely need to prove you have 12 to 24 months worth of mortgage payments in the bank, which lenders call “mortgage reserves.”

How can I avoid a jumbo loan? One option is to apply for an 80-10-10 loan. You can borrow up to the maximum of $548,250 for a conforming loan amount for most areas, and take out a HELOC or home equity loan for the difference. Also called a “piggyback loan,” the 80-10-10 loan has three benefits:

  1. You can lock in your first mortgage loan at conforming interest rates, which are typically lower than jumbo rates.
  2. You’ll have less stringent lending guidelines than jumbo loans, which may mean faster approval timelines with less documentation.
  3. You’ll avoid paying for private mortgage insurance, which is an add-on cost to your monthly mortgage payment that protects your lender if you go into mortgage default.

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