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Metro Detroit • 31 mortgage lenders profiles
Jumbo Loans in Metro Detroit
Compare verified lenders for jumbo mortgages on higher-priced homes in Metro Detroit. Request a consultation and compare Loan Estimates.
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31Mortgage Lenders profiles
6Metro counties
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Rebuild Detroit is not a lender or mortgage broker, does not make credit decisions or quote rates, and information here is general, not financial advice.
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Featured jumbo loan pros
Top Jumbo Loans Pros in Metro Detroit
Featured spots are paid placements shown first. The Verified badge records dated checks; other listed businesses have not been verified yet. Confirm current licensing, insurance and written scope with each provider.
Kin Capital Mortgage
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Kudos Financial
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Before you hire
Jumbo Loans in Detroit: what to expect
A jumbo loan in Detroit is a mortgage larger than the conforming loan limit the FHFA sets each year, so it cannot be sold to Fannie Mae or Freddie Mac. Buyers of higher-priced homes in Birmingham, Bloomfield Hills, Grosse Pointe, Northville and parts of downtown and Midtown Detroit often need one.
Because jumbo loans are held by the lender or sold to private investors, guidelines vary. Expect closer review of income and assets, more cash reserves after closing, and in some cases a second appraisal. Some lenders offer jumbo loans as portfolio loans with flexible terms for self-employed or high-asset borrowers.
Get a pre-approval early, since jumbo underwriting takes longer, and compare Metro Detroit mortgage lenders.
What a good engagement includes
- Confirmation that your loan amount is above the conforming limit
- Full income and asset documentation review
- Reserve requirement explained in writing
- A Loan Estimate within three business days of your application
- Appraisal, and a second appraisal if the lender requires it
- Rate lock terms and expiration in writing
- A Closing Disclosure at least three business days before closing
What drives the fee
- Loan amount and down payment
- Credit score and debt-to-income ratio
- Cash reserves after closing
- Fixed or adjustable rate and loan term
- Points paid to lower the rate
- Property type and occupancy
- Relationship pricing tied to deposits at the lender
Rebuild Detroit does not publish fees. Ask each attorney to explain the fee basis in writing and compare.
Licensing and disclosures in Michigan
Michigan licenses mortgage brokers, lenders and servicers through DIFS (the Department of Insurance and Financial Services), and individual mortgage loan originators need their own license unless an exemption applies. Banks and credit unions are exempt from the state company license, and their loan officers are registered in NMLS instead. Either way, the NMLS ID must appear on applications and ads: look it up on NMLS Consumer Access.
Jumbo purchase and refinance loans on a home come with a Loan Estimate and a Closing Disclosure, the same as smaller mortgages.
Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet
How to compare attorneys
- Ask three lenders for Loan Estimates on the same amount, term and down payment.
- Compare reserve requirements and how they count retirement assets.
- Ask whether the lender keeps the loan or sells it.
- Compare adjustable options only after reading the caps.
- Check each loan officer on NMLS Consumer Access.
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Common questions
Jumbo Loans FAQ
Any mortgage above the conforming loan limit the FHFA publishes each year for the county. Your lender will confirm the current figure.
Credit score, down payment, reserves, debt-to-income, term, points and the lender's own guidelines. Rebuild Detroit does not quote rates.
Often, though requirements vary by lender. Ask each lender for its minimum and how mortgage insurance is handled.
Compare a large bank, a local bank or credit union and a mortgage broker, and verify each on NMLS Consumer Access.
Get jumbo loan consultations from local pros
Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.