A good lender for a Jumbo loan, great credit?

Asked by P, 94022 Wed May 16, 2012

We want to get pre-approved before we amp-up our Palo Alto search. We are looking for a lender and wanted opinions from brokers on how easy the big banks Chase, Wells Fargo, Tech Credit Union, etc... are to work with. With the mortgage debacle of a few years ago, I am unwilling to work with a mortgage broker. I have very good credit and 30% downpayment so I'd ratehr work direct with a lender.

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Jessica Bateman’s answer
Jessica Bate…, Agent, Beverly Hills, CA
Sat Jul 20, 2013
Why not go with a reputable broker, I know of a referral service that is free of charge I tell all my clients to visit The Lenders Network, I have had several of my clients get approved for jumbos with minimal down payment.
1 vote
Mark Howe, Mortgage Broker Or Lender, Lake Oswego, OR
Fri Jul 7, 2017
Bank of America has some of the most competitive Jumbo mortgage Rates in the market, especially for borrowers with good credit. I have helped hundreds of clients buy or refinance with Jumbo loans over the past 6 years, and my clients almost always give me the feedback that our rates are the lowest.

Any clients looking for further information or a rate quote for our Jumbo loan program, please feel free to contact me directly. My email address is markhowe@bankofamerica.com, and my phone number is 360-643-1471

Jumbo loans are great options for the following reasons:
-Interest rates lower than conventional loans
-Increased buying power
-Fixed or adjustable rate options
-Interest only available

Mark Howe
Senior Loan Officer
Bank of America
NMLS # 870634
markhowe@bankofamerica.com
0 votes
Nina Daruwal…, Agent, Cupertino, CA
Sun May 20, 2012
Hi P,

Here are two name of good Direct Lenders, pls let them know I referred you to them:
Wali Popal- Wells Fargo
Home Mortgage Consultant
NMLSR ID 460033
Office: 408-573-4262
Fax: 866-572-2331
Mobile: 510-909-6519
Contact Us:
1705 N. First Street, Ste C
San Jose, CA 95112

Poonam Goyal
Residential & Commercial Lending
Technology Credit Union
1230 Oakmead Parkway
Sunnyvale, CA 94085
Off: 408.487.7587
Cell: 408.398.3426
Fax: 408.467.2356
Email: pgoyal@techcu.com

I also have a very good Mortgage Broker with 27 years of experience, she is excellent....if you want a consult with her....
If you would like to speak with me about your Real Estate needs, please do get in touch with me,
Be well and safe and all the Best,
Nina Daruwalla
DRE#01712223
Web Reference:  http://www.ninadaruwalla.com
0 votes
Stu Carson, Agent, San Jose, CA
Sat May 19, 2012
One of my most sophisticate clients, a Superior Court Judge and his wife who teaches at one of the local universities, speak very highly of Chase. They work with a specific Private Banker there. If you are interested getting his contact information, as well as a contact at First Republic Bank in Palo Alto, let me know by contacting me here http://stucarson.com/ContactMeInformationFrameless
0 votes
Terri Vellios, Agent, Campbell, CA
Wed May 16, 2012
I recommend TurnKey Mortgage. They are a direct lender and can also give you a pulse on what the Big Banks are doing.


dave@turnkeyms.com
408-377-8876
http://www.davidsetti.com

Have an Amazing Day!
Web Reference:  http://www.terrivellios.com
0 votes
Grace Hanamo…, Agent, Cupertino, CA
Wed May 16, 2012
Hi P, and thanks for your post.

Very astute of you to recognize the problems that are and still exist out there with mortgage companies.

As Allyson has already noted, I'm finding that Wells Fargo seems to be the toughest on appraisals, while B of A is not. The rates are pretty much even with Wells and Bank of America--a lot depends on the client and his/her credit and debt. Although when it came time to close, B of A was the slowest in getting all of the conditions removed.

One of my clients used Chase recently...was a difficult close. I'm not sure I'd blame Chase entirely on that one, but it seemed quite a bit bumpier with that one lender.

So right now, my money is on Wells and B of A for a jumbo loan. And, of course, if you're looking in Palo Alto and don't yet have a Realtor to assist you, remember that our company provides buyer rebates of up to 1.5% of the sales price, which can be a nice way to pay for loan fees, moving chares and some repairs in the new home!

Good luck!!

Sincerely,
Grace Morioka
Area Pro Realty
Tel (408) 426-1616
0 votes
Roland Barcos, Agent, San Jose, CA
Wed May 16, 2012
Hi P,
It sounds like you are already pretty savvy about the loan process these days. Since there is no after-market for jumbo loans, you would do well to use Wells Fargo, as they are doing portfolio loans up to $2 mil, and their rates are close to conforming rates. Be prepared for complete documentation. If you are self-employed, or otherwise have documentation issues but have stellar credit, TCU has served my clients well.
If you need help with your home search, please contact me.
Good luck,
Roland
0 votes
Roland - thanks for info. Is your experience that Tech CU is more appropriate for slef emploed/no doc folks? Thats not me, but I thought being a bay area company they might be easier to work with and better rates as a CU
Flag Fri May 18, 2012
Norman Aless…, Agent, San Jose, CA
Wed May 16, 2012
Hi P,
I have been working with many of the direct lenders this year. From my experience Wells Fargo has been the toughest on appraisals. BofA has been bringing me the best rates. And many of my buyers have had very good results with their credit unions as they have often given their clients money back for closing or to cover the cost of the appraisal. I have contacts in several of the banks that I have worked with for many years now. If you dont have your own contacts email me and I will give you some suggestions. You should check out at least three banks or credit unions to ensure that you get the most competitive rates.
At your service
Allyson
408-705-6578
Allyson@homesbyallyson.com
Certified Distressed Property Expert
0 votes
, ,
Wed May 16, 2012
Hi P...

We directly fund loans from 3 major JUMBO investors. They include ARM products as well as a 30yr fixed option. We also have a great option of a 90% option with the old traditional structure of 80/10/10 for no mortgage insurance. I would be happy to discuss all options and let you know what available in the market.

Call me anytime,

Brian
Web Reference:  http://www.loansquawk.com
0 votes
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