Residential Jumbo Loans - best way to compare rates?

[Jill Davis]

Curious - what's the best way to compare rates for jumbo loans? Anyone have a residential lender that does amazing rates for jumbo loans?

[Andrew Postell]

@Jill Davis the best method to compare fees is by receiving "Loan Estimates" from the lenders you are choosing between.  A Loan Estimate (must be that verbiage exactly) is a federal mandated form that lenders are required to show your loan on.  We are allowed to show loans on other forms but the Loan Estimate holds us accountable.  If we change fees after that form is shown to you we have to show just cause.

So if a lender says "your fees will be about $3,000"...there might be even a form called a "fee worksheet" that looks pretty official.  And it is.  But the Loan Estimate is very important.  You can only get one if they check your credit though.  So interview some banks, narrow it down to 2 or 3, and get loan estimate for each.

Admittedly, the Loan Estimate doesn't tell you if they are fair, honest, responsive, care about you, etc.  It's a lot like a mechanic....they can all change oil, and maybe they charge close to the same fee for it....but is someone going to try to sell you other things?  Leave your car dirty?  Take forever?  Etc?  Rate and fees are important but so are the other things too.  Good luck!