Benefits of an Argent Credit Union Jumbo Mortgage
Lock a competitive APR for the life of your loan.
Loans up to $2,000,000
Get the funds you need with up to 95% financing.
Just 5% Down
A small down payment allows you to buy your home sooner.
Our mortgage professionals will guide you through the process.
What You Need to Know About a Jumbo Mortgage Loan
A jumbo mortgage loan allows you to borrow higher amounts than other types of mortgages, so you can move into your dream home sooner.
Here are the details:
- You can borrow up to $2,000,000.
- You can finance up to 95% of the house’s value.
- You’ll need a minimum down payment of just 5%.
- A 30-year fixed-rate loan will make the repayment affordable and predictable.
- Jumbo mortgages are available for purchase and refinance.
- Applying is easy with no application or origination fees, only a low processing fee.
Federal agencies don’t back jumbo mortgage loans, so you don’t need to go through extra home appraisals like for FHA, VA, or USDA loans.
Jumbo Mortgage Rates
Our Jumbo Mortgage Application Process Is Simple and Secure!
Get your documents ready then enter your details into our user-friendly online portal.
A mortgage loan officer will let you know if you’re eligible for pre-approval by the next business day.
Look for a Home!
Once pre-approved, you can start making offers and we’ll guide you all the way through to closing.
“Stress-free mortgage experience.”
– Diane M.Y.
“Seriously, Argent is the best bank I’ve ever been with. Thank you guys for being consistent, friendly, timely and helpful!”
– Morgan-Taylor M., Chester, VA
“Such great staff. It’s like visiting family, they really care.”
– Sarah G., Midlothian, VA
FAQs About Jumbo Mortgages
How is a jumbo mortgage different from other mortgage loans?
Unlike other mortgage loans, a jumbo mortgage loan allows you to borrow amounts above $647,200.
Also, jumbo mortgages aren’t part of a government-backed loan program, like an FHA, VA, or USDA loan. Your loan agreement is between you and your private mortgage lenders, such as your local credit union.
Therefore you don’t need to go through the strict FHA/VA appraisal process and you don’t need to pay upfront mortgage insurance premiums like for FHA loans.
What term should I get for my jumbo mortgage?
Argent Credit Union offers 30-year fixed terms with competitively low rates. A term of this length allows you to repay your loan comfortably with affordable monthly payments.
What rates will I get for my jumbo mortgage?
The interest rate and annual percentage rate (APR) you get will be based on your credit score. The higher your score, the lower your mortgage rates.
Sometimes the interest rate and APR are the same. When the APR is higher than the interest rate, it means it includes certain fees rolled into the one convenient figure.
It’s a good idea to get your credit into the best shape possible before you apply for any type of home loan.
Can I refinance a jumbo mortgage at a later date?
Yes, you can usually refinance your mortgage after about six months – but it’s better to wait longer so you have a chance to build up equity, improve your credit through regular payments, and possibly qualify for a lower rate due to shifts in the market.
Keep in mind that a refinance usually means you have to pay closing costs all over again so you want to make sure the timing is right to make it worth it.
Here’s why you might consider a mortgage refinance in future:
- Your finances have improved and you want to pay your mortgage off faster, so you want to reduce your loan term and make a higher monthly payment.
- You’re struggling to make your payments, so you want to switch to a longer term for a lower monthly payment.
- Market interest rates have dropped and you want to secure a lower APR.
What information and documents do I need to give Argent when I apply for my jumbo mortgage?
When applying for your jumbo mortgage loan, you’ll need to provide an Argent loan officer with the following:
- Driver’s license or DMV-issued ID
- Social Security number
- W-2 forms for the last two years.
- Current pay stubs covering the most recent 30 days.
- For refinance, a copy of your homeowner’s insurance policy.
- For refinance, a copy of your current mortgage statement(s).
- If self-employed or if you own rental property, the last two years’ tax returns are required.
Argent will access your credit history by requesting a credit report.
Do I need to become a member at Argent to get a jumbo mortgage?
Yes, you do need to become a member – and we can help you join as part of your home loan application.
Membership eligibility is open to individuals living, working, attending school, worshiping or volunteering in the following counties:
- The city of Richmond
Membership is also available to family members or housemates who meet the above criteria. To be eligible, members must also be at least 18 years of age and be a U.S. citizen or resident alien.
How long does the jumbo mortgage process take?
The process length may vary from case to case, but in general it can take anything from 30 to 45 days to close.
Can I talk with someone at Argent before I apply for a mortgage?
Yes, we have Mortgage Loan Officers ready to answer any of your questions. To get our mortgage experts’ help, please call 804-748-9488, option 1.
Why join Argent?
When you join Argent, you’re joining a member-owned nonprofit that’s controlled by a board of directors who are elected by their fellow credit union members.
We aren’t beholden to outside stockholders, so all of our profits go right back to our members through our lower fees and interest rates, and higher account dividends.
As an Argent member, you’ll be able to take advantage of our low interest rates on loans and higher dividends on accounts.
Additional benefits include free notary services, as well as scholarships, discount theater, and theme park tickets.