There are many reasons to refinance your existing jumbo loan. Perhaps you may want to take advantage of historic low-interest rates and reduce your monthly payments or just change the terms of your loan from a secure fix rate to adjustable rate.
Additionally, cash out jumbo refinance options are also available for homeowners that have equity and want to pay for a remodel, home addition or higher interest debt consolidation.
Whatever the reason, Jumbo Mortgage Source can help you decide which loan refinance option is right for you. Jumbo interest rates are hovering near all-time low levels as of May 2020, it’s a great time to consider refinancing your jumbo mortgage.
Jumbo refinance solutions with the following benefits:
- Lowest rates available on jumbo loans
- Financing up to $5 + million
- No loan points and hidden fees
- Fixed 30, 20, 15 year and adjustable rates terms (3 year ARM, 5 year ARM, 7 year ARM) available
- No closing cost option available to many homeowners
- Refinances and new purchase home loans
- Eligible properties include primary residences, second homes, and investment homes
- Close in as little as three weeks.
Jumbo Refinance Requirements: Rate & Term Only
- 95 percent loan to value – 700 credit score, $2,000,000 loan amount limit. 95% LTV loans exceeding $1.5M will require a 740 score
- 90 percent loan to value – 720 credit score, $3,000,000 loan amount limit
- Loan amounts over $3,000,000 – please contact us
Jumbo Cash-Out Refinance:
Cash out refinance can offer a great solution for homeowners that have equity and want to “cash out” to help pay for home renovations or consolidate high-interest debt like credit cards, auto loans, etc.
*Have a question? Just submit the Quick Contact form on this page to connect with a jumbo loan specialist 7 days a week.
- Cash out refinance cap is 90% loan to value. *Certain exceptions may permit 95%
- Loan amount limit is $1,950,000 for standard 90%
- A credit score of 700+ required
- Primary homes only
- Homeowners should have mortgage payment reserves (bank savings or retirement) totaling 12 months
- Fix rate and ARM options with no PMI
- Loan amount limits can vary from state to state
Be sure to read the Jumbo Refinance FAQ here. Homeowners that have questions can contact us Monday – Sunday by calling the number above, or just submit the Quick Contact form.