Private lender or bank for a jumbo loan?

Banks have more favorable rates, but may charge for origination. Private lender's should be a last resort because they have less favorable terms and interest rates. American Financial Network is a Direct Lender, so we don't charge origination points or broker fees. Feel free to contact me. I'd be more than happy to look up some options for you or answer any questions you may have. Jimmy Vu - American Financial Network - 949.287.4134 - jvu@afncorp.com

Banks will in most cases have lower rates.

It depends on the total picture. Loan amount and loan to value can have a lot to do with it. Banks can offer some great rates on ARM's, but may not be as competitive on 15 and 30 year fixed loans. I would suggest getting a quote from your bank and from a local loan officer so you can compare both side by side. Best wishes, Sean

Depends on what you mean by a private lending company. Main stream lenders will likely have much better rates and fees.

Banks will usually give you the better rate, but you have to meet all of the qualifications.

Get a quote from both a bank and a private lender to determine which one can offer the best rate for you.

Private lending companies would most definitely have the highest rates of all.. and Brokers will have the lowest rates of all.. Going to a bank really limits your options.. most banks have a very confined program.. if you don't fit into their box, you don't fit.. Brokers on the other hand have access to numerous lenders, who offer a variety of different lending programs.. and because most brokers are much smaller, they have lower overhead and can often times offer lower rates and fees than most of the larger lenders.. So my advise.. go get your quote form the big bank on the corner.. and then contact a local mortgage broker and get a quote from him.. you'll be able to see for yourself.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

I'd be pleased to let you know my options but will need quite a bit more information.

Don't forget that there are a mixture of bank-based and broker lenders here and most of us have very similar rates and fees to what your local bank will have. From your question I think most of us were responding to the type of loans we offer (traditional residential lending) vs. going to a "private" lender who operates outside the traditional mortgage industry - sometimes these are called "hard money" lenders or similar. I'd be pleased to let you know my options but will need quite a bit more information (size of loan, LTV, credit score, etc.): pdumouchel@primelending.com or Phil @ 843-619-6025

When it comes to a Jumbo deal with a "genuine lender" Caliber Home Loans. We are not a Broker , We are not a correspondent broker. We do not sell our loans 1 day ....or other after closing to Chase Citi, Wells... Basically when u deal with many lenders who say they are a direct lender there really a correspondent of Chase Wells, Citi etc. In that case just go directly to those banks and dont wast your time.. Caliber on the other hand is a mortgage company owned entirely by a 60 billion dollar Private Equity co called Loan Star Funds... We have 5 different jumbo programs that we underwrite and securitize ourselves to Global Wall Street invesment banks.. Gives us more flexibilty that Major banks like Citi Wells Chase... and Certainly far better than a broker or correspondents of the big banks.. Call me if interested to review your case 954 558 4430