Quote:
Originally Posted by Clark_Kent
In the links you posted, there is no rate information for jumbo loans. The rate table you posted stops at $300,000. That's a conforming loan and NOT a jumbo loan product. It also specifically states in one of the links to call the bank to discuss rates for jumbo loans. It's clear you don't understand what these products are and how they work if you're responding to someone with "depends on what you consider a jumbo loan".
The reason the credit unions are able to set lower rates is not because they portfolio loans. That doesn't even make sense. Credit union interest rates and fees are typically relatively lower than a traditional commercial bank because the business structure of a credit union is different from that of a commercial bank. They're either organized as member-owned cooperatives or non-profit corporations which reinvest profits back into the programs the bank offers and are exempt from taxes (different for state and federally chartered) resulting in better rates and lower fees for their members.
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Yes, I realize that is why the rates are lower in general.
I said they don't necessarily have higher jumbo rates because they are kept in house at some credit unions. My loan isn't quite jumbo but 2 of my friend's loans were and they got the stated rates, not something higher.