Pay just 3.5% on jumbo home loans from this bank
TD Bank is offering one of June's best deals on 30-year fixed-rate jumbo home loans to borrowers in 15 states and the District of Columbia.
It's charging just 3.5% for a purchase or a refinance, with no points, $1,017.45 in lender fees and a 60-day rate lock.
That interest rate is nearly a quarter of a percentage point below the national average for 30-year fixed-rate jumbo home loans — 3.71%, according to Bankrate's latest survey of major lenders.
The average cost of these loans has mostly held steady over the last three months. With interest rates still low, it's a great time to get a jumbo mortgage.
You'll find home loans from TD Bank in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont and Washington, D.C.
Not available where you live?
This deal still serves as a great blueprint to follow. Find a deal like this, and you'll know you've found a winner.
You can get started by searching Bankrate's database for the best mortgage rates from scores of other lenders in your area.
What are jumbo home loans?
Jumbo loans are mortgages that are too large to be purchased by Fannie Mae and Freddie Mac, the two government-owned companies that buy most of the mortgages issued by banks and other lenders.
The largest loans they can buy depend on where the home is located but range from $417,000 in most places to $625,500 in the nation's most expensive cities. If you need to borrow more than that, then you'll need a jumbo loan.
How much will it cost?
With this jumbo mortgage from TD Bank, your principal and interest payment for a purchase would be $449 per month for every $100,000 borrowed, or $3,592 per month for an $800,000 loan.
You can use our mortgage calculator to determine the monthly payments for the amount you want to borrow with this or any home loan.
It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe if you want to pay off the loan.
Check to see how much house you can afford here.
About TD Bank
TD Bank is headquartered in Cherry Hill, New Jersey, and it enjoys an A+ rating from the Better Business Bureau.
To qualify for these low rates, you must:
- Have a credit score of at least 740.
- Have at least a 20% down payment if you are purchasing a home.
- Have at least 20% equity in your home if you are refinancing.
- Borrow more than $417,000 in most areas, or more than $625,500 in high-cost areas.
- Borrow less than $2 million.