Coastal Credit Union
Coastal Credit Union

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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 $726,200.  
    • 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 $950 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.

    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 rate can change periodically based on the ARM program chosen, in relation to an index. While the monthly principal and interest payments made on a fixed-rate mortgage are stable, payments on an ARM loan are likely to change.
    A pre-qualification is a basic review of your finances to determine if you would qualify for a mortgage. In general, a pre-qualification is based on unverified information you provide and does not include a credit check. This is only an estimate of the amount you would qualify to borrow based on stated income and debts and is not a firm guarantee of a loan. You will need to submit a formal application to obtain a pre-approval letter to be able to make an offer on a home.
    A pre-approval is a conditional commitment, in writing, for a specific loan amount issued by a lender. Unlike a pre-qualification, a pre-approval requires a completed loan application as part of this process for the lender to check your credit, verify your income and employment, and confirm the amount you qualify to borrow. A pre-approval can show sellers that you're serious about buying a home. Once the lender has pre-approved you for the loan, a formal letter will be provided with the terms of the loan to submit with your offer
    We offer competitive rates on all our products. Current purchase rates can be found on our Coastal 24 website at https://www.coastal24.com/Resources/Information-Tools/Rates/Mortgage-Rates. For refinance rates, please visit our Mortgage Rates page and click on Get Your Refinance Rate Quote to submit a form for a custom rate quote.
    An individual who has not owned a principal residence in the last three years is considered to be a first-time homebuyer. If there is a co-borrower, only one occupying borrower is required to be a first-time homebuyer. An individual who is a displaced homemaker or single parent also will be considered a first-time home buyer if he/she had no ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the preceding three-year time period.
    All FAQs

    For a $800,000 loan for a term of 30 years with a 6.0% APR, the monthly payment is $4,796.00.  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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