You can assume that he had a credit score of 700, but how do you really know?
I'm looking at your "source" and, while shady, it helps me contradict you. It even says with 20% down and 30 year fixed you could get a rate of 5.875% on a jumbo loan while the conventional (conforming) loans have a rate of 5.625. This shows that jumbo loans have a higher interest rate than conventional loans. And for good reason. They are taking a significant risk in lending to you, because the maximum amount was $359,650. Now since more trust worthy sources have pegged the average rate for jumbo loans somewhere between 5.9 and 6%, he got a reduction between .30% and .37%. And that adds up over 30 years, especially when you get into that $1 million dollar range.
Any bank who is willing to give you an additional $1 million loan above the conforming amount (in this case 359,650) at an interest below average must be high or your best friend.
Even with a good credit score, I doubt your interest rate would be that damn low. Why... because they are lending you nearly 3 times the conforming amount. Now if they had paid points or other fees to lower the rate it wouldn't be much of a story, but they didn't. It makes them suspicious.
You can assume
You can assume that he had a credit score of 700, but how do you really know?
I'm looking at your "source" and, while shady, it helps me contradict you. It even says with 20% down and 30 year fixed you could get a rate of 5.875% on a jumbo loan while the conventional (conforming) loans have a rate of 5.625. This shows that jumbo loans have a higher interest rate than conventional loans. And for good reason. They are taking a significant risk in lending to you, because the maximum amount was $359,650. Now since more trust worthy sources have pegged the average rate for jumbo loans somewhere between 5.9 and 6%, he got a reduction between .30% and .37%. And that adds up over 30 years, especially when you get into that $1 million dollar range.
Any bank who is willing to give you an additional $1 million loan above the conforming amount (in this case 359,650) at an interest below average must be high or your best friend.
Even with a good credit score, I doubt your interest rate would be that damn low. Why... because they are lending you nearly 3 times the conforming amount. Now if they had paid points or other fees to lower the rate it wouldn't be much of a story, but they didn't. It makes them suspicious.