If you’re looking to buy a home, choosing the right mortgage lender can save you money. That’s especially true if you’re planning on taking out a larger jumbo loan. Jumbo mortgages typically come with higher interest rates than conforming loans (although that norm has been turned on its head at times in the odd mortgage market of 2022 and 2023). Jumbo mortgages also have stricter eligibility requirements, so it’s crucial to compare lenders and shop around to get the best deal.

To help you get started in your search, here is our guide to the best jumbo mortgage lenders in 2023.

Guaranteed Rate

Chase Home Lending

Ally Bank

Wells Fargo Home Mortgage

Alliant Credit Union

How to find the best jumbo loan lender for you

Before you start comparing mortgage lenders, it’s important to make sure your finances and credit file are in good standing. Regardless of what lenders have to offer, you’ll get the best loan terms if your credit score is high, your DTI ratio is low, and you have a large down payment.

As you shop around, apply with multiple jumbo loan lenders to get quotes on interest rates and closing costs. You might even consider working with a mortgage broker who can help you with this process.

With the rates and closing costs laid out side by side, you’ll be able to choose the best lender based on what they have to offer. You might also be able to use this information to negotiate with lenders to cut their rates or costs to a more favorable level.

Take your time with this process, because even a small decrease in your interest rate could save you tens of thousands of dollars, especially when you’re borrowing such a large sum of money.

Next steps to apply for a jumbo loan

The process of applying for a jumbo loan is the same as a traditional mortgage loan. Start by submitting applications to at least three to five lenders that offer jumbo loans. You’ll need to submit documentation about your financial situation, which the lenders will then use to determine whether you qualify for a loan and what the terms will be.

Depending on the mortgage lender, the minimum credit score for a jumbo loan is generally 700 or higher. One major exception is a VA jumbo loan, which you might be able to get with a credit score in the mid- or even low-600s.

In addition to your credit score, lenders will also review your debt-to-income (DTI) ratio. It’s important to have a low DTI ratio, but even more so for a jumbo loan, in order to reassure the lender of your ability to repay. The DTI ratio for conforming loans usually maxes out at 50 percent; for a jumbo loan, it can be as low as 38 percent to 43 percent.