Overview

Don't let conventional loan limits crush your dream. When conventional mortgages aren't enough, we've got you covered with a Jumbo Loan. Jumbo Loans let you borrow over the conforming loan limit, which currently starts at $417,000 and may be higher in some geographical areas.

Competitive Rates on Jumbo Loans

A large mortgage doesn't necessarily mean it can't be affordable. Choose from a number of fixed rates and adjustable rate mortgage options. Each has a competitive rate.

Benefits of Jumbo Loans at Wachovia

• Big Convenience.—Online or by phone, often, you'll have an initial decision in minutes. ^{note 1}
• Huge Savings.—Apply online and save more than $1,000 on your origination fee at closing. ^{note 2}
• Major Experience.—Don't leave this work to just anyone. Wachovia Mortgage has 50 years of experience.

Great Reasons to Choose Wachovia

• Save $1,000 or more at closing by applying online.
• Security and privacy applying online, 24/7.
• Get pre-qualified for free in minutes.
• Competitive rates from a trusted lender.
• A range of products to suit your needs.

Need more information?

Explore monthly payments options and more with our Mortgage Calculators.

FAQs

• What is a jumbo loan?
• How can I make a Jumbo Loan more affordable?
• Need more information to make a better decision?

What is a jumbo loan?

Jumbo loans are mortgages over the conforming industry standard, currently starting at $417,000 and may be higher in some geographical areas. These loans are bought and sold on a smaller scale. They often carry a larger credit risk for the lender so the interest rate is typically higher than a conforming loan that is under the conforming loan limit.

How can I make a Jumbo Loan more affordable?

With Wachovia Mortgage, you'll have a lot of options. Besides the choice of fixed or adjustable rates, you can also choose to pay discount points to obtain a lower rate. When you pay points, you agree to pay a percentage of the total loan as a non-refundable fee to the lender upfront. In exchange, the lender will lower your initial interest rate (for an adjustable rate) or for the life of the loan (for fixed-rate loans). Typically, one point equals between 1/8th and 1/4 of a percent in interest rate. So, if you pay 1 point on a 6% interest rate, your interest rate may drop to around 5.875% or 5.75% for the life of the loan. To determine if paying points make sense for you, you need to factor the monthly savings from the reduced interest rate over the course of time you plan to stay in the house versus the cost of buying down the interest rate. Plus, points can also be tax deductible for the year you pay them. (Please consult your tax advisor for more information).

Need more information to make a better decision?

Take a look at today's rates on Jumbo Loans.