Question 1

What's the monthly payment on a $1.1M jumbo loan at today's rate?

Accepted Answer

At 6.375% on a $1.1M loan, principal and interest run $6,863 monthly. That's before taxes, insurance, and HOA fees. The full scenario: $1.375M purchase, $275K down (20%), 740 FICO, 30-day lock, 0.472 discount points ($5,193 upfront).

Question 2

Do I need 20% down for a jumbo loan in Calistoga?

Accepted Answer

Yes — 20% down is the standard minimum for jumbo loans. Some lenders go to 15% with excellent credit and reserves, but expect tighter terms. At $1.375M purchase price, 20% down is $275,000. That's the baseline most lenders require.

Question 3

What credit score do I need to qualify for a jumbo?

Accepted Answer

700 FICO is the floor for most jumbo lenders. Scores above 740 get better rates and faster approval. Below 700, you'll struggle to find a lender. In Calistoga's market, 740+ is standard for competitive pricing.

Question 4

How long does a jumbo loan take to close?

Accepted Answer

Jumbo closings run 45-60 days from application to funding. Appraisals take longer because the loan amount justifies thorough inspection. Expect full financial documentation: tax returns, W-2s, bank statements, and employment verification.

Question 5

Can I refinance a jumbo loan if rates drop?

Accepted Answer

Yes — jumbo refi markets are active in California. If rates fall 0.5% or more, refinancing makes sense. You'll pay closing costs again, but on a $1.1M loan, the savings add up fast. Plan for 45-60 days to close a refi.

Jumbo 30-year fixed mortgages in Calistoga: rates, qualification, and wine country living