Homeowner interested in the Jumbo refinance program will find the list of FAQ’s helpful:
Question: I purchased my home a few years ago and did a 5/1 ARM, I would like to refinance into a 30 year fix rate before my rate starts adjusting in 2017, is there a penalty? can you help? Y. Reynolds – Seattle, Washington. Answer: You should be able to refinance without penalty. Most loans originated in the last 5 years do not have an early payoff, or refinance penalty. It’s a good idea to check your original loan paperwork for any prepayment clause. If you need assistance checking, please contact us below. Regardless of your original lender, we can assist you.
Question: I put down over 30% when I originally purchased my home in 2012. I would like to know if I could refinance and cash out some of the equity for some home improvements. F. Cleveland – Jacksonville, Florida. Answer: Depending on the property state, current loan to value, credit score, etc, you should be able to cash out up to 85-90%. Florida home owners are the only exception, as they have options to do a Jumbo cash out refinance up to 95% loan to value. Please contact us below so we can properly review your situation.
Question: When I purchased my home in 2010 I did a Jumbo loan with an adjustable rate term. I want to refinance into a secure fix rate. My loan balance is also below the conventional loan limit for my county since I have been paying it down. Can I refinance into a fixed rate, conventional loan? F. Smith – Miami, FL . Answer: Yes, assuming you qualify and meet the conventional loan guidelines.
Question: Is there a way to figure out my monthly payment savings? P. Keen – San Jose, CA . Answer: Yes, take a look at the Jumbo Mortgage Payment Calculator on the right side, call us if you need assistance.
Question: When will my first payment be due? H. Goldwin – Charlotte, NC . Answer: You generally skip a few months. The current month interest is factored into the closing costs, then you skip the following month. Example: Let’s assume you close on your Jumbo refinance October 9th – the first mortgage payment will not be due until December 1st.
Question: I closed on my original Jumbo loan with Chase about 3 years ago. Can you help me with refinancing? B. Vargas – San Francisco, CA. Answer: Yes, regardless of your original lender or current loan servicer – we can assist you.
Have a Jumbo loan question? Please connect with us calling Ph: 800-962-0677 or just submit the Quick Contact form on the right side, mobile users will find the form below.