Whether you're looking for a jumbo house mortgage or a jumbo mortgage for your business location, these large mortgages offer you the financing you need for more expensive properties.

States have a cap on how much money a mortgage company can loan through a conventional mortgage. Many properties exceed this limit, particularly when it is a large commercial property, such as an apartment building, or when you are looking to buy property in major cities such as San Francisco and New York City. A real estate jumbo loan comes with a higher interest rate, but allows you to take out significantly more money.

If you want to qualify for a real estate jumbo mortgage:

1. Prepare your down payment. Some markets will allow a 5% down payment on a jumbo mortgage, but many states require a 20% down payment. When you're looking at expensive properties, this down payment can be hefty.

2. Get ready to show your credit score and business plan. This will help a jumbo mortgage provider determine whether you are credit-worthy.

3. Prove you can pay. If you can show that you have the cash flow necessary to make your monthly payments, it's easier to get a jumbo loan.

Action Steps
The best contacts and resources to help you get it done

Compare rates on a jumbo mortgage to get the best deal

With a jumbo house loan or commercial mortgage, the interest rate can have a large effect on the total amount that you pay. You should try to get the best rate that you qualify for in order to reduce your costs.

I recommend: Use Bankrate.com or MortgageLoan.com to look up current rates in your area. Rates vary over time, so when you compare rates, make sure that you are looking at rates from the same time period.

Use a commercial mortgage provider for your jumbo mortgage

Some companies specialize in working with companies to help them get a mortgage. They will not give a jumbo home loan, but are the perfect solution for commercial mortgages.

I recommend: Commercial Direct is an excellent choice for commercial mortgages. CommercialBanc.com can take care of your jumbo mortgages over $5 million.

Apply for a jumbo mortgage from your regular bank

You can also go straight to your bank to apply for a jumbo mortgage loan. This is ideal for business owners that have a good relationship with their bank. The bank may be more likely to loan money to someone that they have a history with.

I recommend: US Bank offers a commercial real estate program that includes jumbo loans. Wells Fargo also offers a number of options for business owners.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When applying for a jumbo mortgage, list any questions you may have to ask your loan advisor. It's important for you to understand all fees, requirements and expectations before you make a commitment.