Is it much better to avoid the jumbo mortgage and go conventional if possible? Trying to figure out if we should cut the house budget by ~$100K to avoid the jumbo if it’s much more efficient.

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Jumbo rates are actually sometimes less than conventional. Get quotes.

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Agree with this. Usually conventional is a better rate but sometimes jumbo can be better so it’s hard to say until you’ve gotten some quotes.

My jumbo mortgage at 10% down was lower than conventional.

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My jumbo with 20% down came in a lower than the going rate for conventional, but only on condition of having a full year of reserves. With less reserves it would have been a lot higher. This was with an 800 credit score.

With the market being slow, and so many rumblings about a crash coming, lenders are in a strange spot. They need to make deals, but are afraid to.

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They counted my 401k at 50%. Individually owned stocks count. RSUs do not count.

Do you have a quote on both? What's the difference in costs/ interest?

Definitely shop rates with more than one mortgage broker. They all have calculators that can run the numbers for you.

Also, with home insurance rates, HOA fees, and property taxes all going sky-high, it’s worth adjusting your housing budget to put down a bigger down payment so you have NO PMI and NO escrows, which can be 1.5x annual bill. You may pay a slightly higher interest rate, but you won’t have to deal with any payments surprises. If you put that money in your own savings account - you earn the interest until the bill is actually due - vs the mortgage company.

It just depends. I can help check the different scenarios if you like as I’m a loan officer. Where are you located?

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