Jumbo Mortgage

Making big money available for your million-dollar dreams

Coastal offers low-cost loans to finance more expensive homes

Here's how a Coastal Jumbo Mortgage could help you bank better:

  • Borrow an amount greater than $548,251.  
  • Various fixed interest rate and adjustable-rate options
  • Use for purchases or refinances
  • Borrow up to 95% of the home’s value, which is higher than most lenders
  • Low $600 underwriting fee, and no document prep or credit report fees
  • Your mortgage stays local with Coastal because we'll never sell it
  • This mortgage is eligible for an annual Loyalty Bonus payout 

We don’t live in a one-size-fits-all world. Sometimes you need to go big.

Maybe you have a super-sized family with lots of wonderful kids. Maybe you’re opening your heart and home to aging parents or in-laws. Or maybe you’ve achieved business success and are looking for a little luxury in your life.

Because some folks want bigger homes, we offer Jumbo mortgages. Coastal will let you borrow up to $1 million; because we keep your loan with us, we’re willing to offer more than banks that sell mortgages outright to make a quick buck. We’ll also let you borrow up to 95% of the home’s value. That means a lower down payment, which could do wonders for your cash flow. Finally, we can close most purchase loans within 30 days. (A refinancing might take a bit longer.) Just because you’re going big doesn’t mean you’ll settle for slow.

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Frequently Asked Questions

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change.

If everything seems to be in good standing on your application, you will be able to obtain a pre-qualification letter. Although it is not necessary to be pre-qualified, it is highly recommended before making an offer. It demonstrates to both you and to sellers how much house you can afford. It can be frustrating for both buyers and sellers to agree upon an offer, only to find out the buyer is unable to qualify for it.

Pre-qualification is based solely on the data you give in your loan application. From this information, your lender can provide a ballpark estimate of how much you can borrow, but your pre-qualified amount isn’t yet a definite thing. Pre-approval is a commitment in writing for an exact loan amount, after your lender has taken a closer look at, and verified, your financial situation and history.

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on several factors, including your current financial picture and how long you intend to keep your house. Coastal Credit Union can help you evaluate your choices and help you make the most appropriate decision.

As a first-time buyer, the first step in purchasing a home is to determine what exactly you can afford. By using one of the several calculators on our website, you will be able to figure out affordability in relation to finances, credit score and other information.

For a $525,000 loan for a term of 30 years with a 4.50% APR, the monthly payment is $2,660.00.  Taxes and insurance are not included in this payment example and that the actual payment obligation could be greater.  All loans are subject to approval.

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