You can buy a higher-priced home without paying sky-high interest.
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A jumbo loan is for people who want to buy a home in a higher price range.
- Competitive APR which is fixed for simple budget management.
- Flexible terms — just like for regular home loans.
- Jumbo loans are called non-conforming because they go above a price limit set by the Federal Housing Financing Agency (FHFA)
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Answer: A jumbo loan is specially designed for people who want to borrow a bigger sum for a higher-value home. There is a minimum loan amount that will qualify you to get the jumbo loan rates on offer.
Home loans are either conforming or non-conforming. Jumbo home loans are non-conforming because they are for an amount above the limit set by the Federal Housing Financing Agency (FHFA).
Conventional home loans are conforming, which means the loan amount is under the limit set by the FHFA. In this case, the mortgage will be eligible to be bought by Fannie Mae or Freddie Mac and it will be less risky for the lender.
You can get both types of home loans through a private lender, such as your local credit union.
Both jumbo loans and conventional home loans require a certain credit score to qualify. Because jumbo loans pose more risk for your lender, it may be slightly more difficult for you to qualify for the jumbo loan. But provided you meet your lender’s criteria, jumbo home loans are the best way to buy higher-priced properties.
Other types of home loans include a Veteran Affairs (VA) Loan or a Federal Housing Administration (FHA) Loan, which are partially backed by the federal government so a private lender is taking less risk.
For VA or FHA loans, the criteria are different and you may qualify with a lower credit score. But there are strict requirements to pass the appraisal process. For this reason, some sellers may prefer not to sell to a buyer who is using these loans. They might prefer a buyer who has a conventional or jumbo home loan.
Answer: The interest rate shows how much interest you might pay each month. The APR is that rate plus some other fees rolled into one simple figure — so it’s a more accurate picture of what your loan will cost over a year.
When you’re shopping around for the best jumbo loan for you and your family, make sure you compare the APR offered by different lenders and not just the interest rates.
Answer: To make your monthly mortgage payment, you can easily set up automatic payments from your checking account, or use a convenient online portal to make payments before the due date.
Paying your mortgage is as easy as paying any other bill!
Home Loan Refinancing
A refinance is like getting a whole new mortgage. You might get a lower monthly payment through a lower interest rate. You can also change the term, or tap into equity.
Home Equity Loan
Equity is the current value of your home minus your mortgage balance. A HE Loan lets you access that cash for renovations, tuition, a dream vacation, or anything you like.
A Home Equity Line of Credit gives you a source of cash when you need it, and you only pay interest on the portion of your credit line that you use. Start ticking off your to-do list today!