Print this page or keep it open while you talk with at least two lenders about jumbo loans. It goes with the 5 guides on Jumbo Cash-Out Guide. Sections are ordered by how often those guides discuss each topic, and each one quotes what the guides say about it. Write each lender's answer in its column, then compare. Nothing here is collected or sent; the boxes are for pen and paper.
Read before you call
One point from each guide on this site, so you can follow what each lender tells you.
- “A loan is jumbo when it exceeds the conforming loan limit for the county, set each year by the FHFA.” From Jumbo Cash-Out Refinance Guide
- “Some lenders offer larger HELOCs for high-value homes.” From Jumbo HELOCs
- “Reserves are liquid or near-liquid assets left after closing, measured in months of the new housing payment.” From Reserves and Assets on a Jumbo Cash-Out
- “A cash-out refinance replaces your jumbo mortgage with a larger one and pays you the difference, which you can use for renovations.” From Jumbo Cash-Out for Renovations
- “A loan is jumbo when it exceeds the conforming loan limit for the county, which FHFA publishes each year.” From Jumbo Cash-Out Planning: Questions to Answer First
Questions from this site's guides
| Question | Lender 1 | Lender 2 |
|---|---|---|
| What is the maximum line? | Lender 1 answer | Lender 2 answer |
| What index is used? | Lender 1 answer | Lender 2 answer |
| Are there annual fees? | Lender 1 answer | Lender 2 answer |
| What is the combined loan-to-value? | Lender 1 answer | Lender 2 answer |
| How does it compare with jumbo cash-out? | Lender 1 answer | Lender 2 answer |
From the checklist on this site.
Jumbo loan questions
What the guides on this site say:
- “Jumbo loans are not bought by Fannie Mae or Freddie Mac, so each investor sets its own rules.” From Jumbo Cash-Out Refinance Guide
- “Reserves: months of payments held in liquid or retirement assets after closing.” From Jumbo Cash-Out Refinance Guide
- “Compare a jumbo HELOC with a jumbo cash-out refinance on total cost.” From Jumbo HELOCs
| Question | Lender 1 | Lender 2 |
|---|---|---|
| How many months of reserves will you require after closing? | Lender 1 answer | Lender 2 answer |
| Will the loan need one appraisal or two? | Lender 1 answer | Lender 2 answer |
| If the loan is adjustable, what are the adjustment dates and caps? | Lender 1 answer | Lender 2 answer |
| Would a conforming loan plus a second loan be worth comparing? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What is an adjustable-rate mortgage?.
Your Loan Estimate
What the guides on this site say:
- “Ask about origination fees, appraisal fees, annual fees and any charge for closing the line early.” From Jumbo HELOCs
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Can you send me an official Loan Estimate for this exact scenario? | Lender 1 answer | Lender 2 answer |
| Which fees in the Loan Costs section are your own charges, and which are third-party charges? | Lender 1 answer | Lender 2 answer |
| Which services on the Loan Estimate can I shop for myself? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Loan Estimate explainer.
Rate lock
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Is my interest rate locked yet? If so, on what date does the lock expire? | Lender 1 answer | Lender 2 answer |
| What happens if closing is delayed past the lock date, and is there a cost to extend it? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What's a rate lock?.
Points and lender credits
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this quote include discount points or lender credits? | Lender 1 answer | Lender 2 answer |
| What would the same quote look like with no points and no credits? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: Discount points and lender credits.
Loan features
| Question | Lender 1 | Lender 2 |
|---|---|---|
| Does this loan have a prepayment penalty? | Lender 1 answer | Lender 2 answer |
| Can the interest rate or monthly payment change after closing? If so, when and how? | Lender 1 answer | Lender 2 answer |
| Will I have an escrow account for property taxes and insurance? | Lender 1 answer | Lender 2 answer |
Questions based on CFPB: What is a prepayment penalty?.
Before you choose
What the guides on this site say:
- “Compare the full cost of both paths over the years you expect to keep them.” From Jumbo Cash-Out Planning: Questions to Answer First
| Question | Lender 1 | Lender 2 |
|---|---|---|
| What are your individual and company NMLS IDs, so I can look them up? | Lender 1 answer | Lender 2 answer |
| Who will service the loan after closing? | Lender 1 answer | Lender 2 answer |
Questions based on NMLS Consumer Access.
This worksheet is general education. It does not ask for or store any personal information, and it is not an offer or a pre-approval. Compare written Loan Estimates, and verify every lender on NMLS Consumer Access.
Sources
- CFPB: What is an adjustable-rate mortgage?
- CFPB: Loan Estimate explainer
- CFPB: What's a rate lock?
- CFPB: Discount points and lender credits
- CFPB: What is a prepayment penalty?
- NMLS Consumer Access