Homeowners that currently have a Jumbo loan have plenty of options for both interest rate reduction and cash out refinance.
Jumbo Rate/Term Refinance:
The interest rate reduction refinance can be a great way for homeowners to reduce their monthly expenses or simply reduce the term of their current loan. The program is also widely used for homeowners that want to refinance their current adjustable rate mortgage into a secure fix rate loan. Borrowers today have the following options:
- Homeowners have options up to 95% loan to value when their loan amount is below $1,500,000. Minimum credit score of 700 required. Only rate and term refinance, NO cash-out *please see special cash out options below.
- 90% rate and term Jumbo refinance is available for loan amounts up to $3,000,000. Minimum credit score of 720 required for transactions over 2mil. Contact us for loan amounts over $3,500,000
- 680 or above credit score required for all Jumbo refinance options over 90%
Jumbo Cash Out Refinance:
The Jumbo cash-out refinance can be a useful way to consolidate debt, pay for home improvements or put money towards other investments.
- Depending on the loan amount, cash out refinance options are available up to 90% loan to value
- Primary residence only
- No mortgage insurance or “PMI”
- Investment properties are not eligible
- Homeowners can choose from standard fix rate terms and adjustable rate terms
Jumbo Refinance Restrictions:
- No mortgage late payments (30 days or more) in the previous 12 months
- Owner-occupied primary residence & vacation homes only
- Programs require full income and asset documentation from the homeowner
- Adjustable rate and fix rate terms available. “Interest only” loan terms not permitted
We proudly work with homeowners across the U.S including San Jose, Bakersfield, Fresno, Tampa, Naples, Boca Raton, Jacksonville, Miami, West Palm Beach, Richmond, Memphis, Charlotte, Atlanta, Chicago, Cleveland, Charleston, Birmingham, Santa Fe, Glendale.