Homeowners that currently have a Jumbo loan have plenty of options for both interest rate reduction and cash-out refinance. Options include both fixed-rate and ARM with terms ranging from 10-30 years.
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 who want to refinance their current adjustable-rate mortgage into a secure fixed-rate loan. Borrowers today have the following options:
- Homeowners have options up to 95% loan to value when their loan amount is below $1,000,000. A minimum credit score of 700 is 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 $1,000,000. A minimum credit score of 680 is required for transactions. Contact us for loan amounts over $1,000,000
- 680 or above credit score is 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.
*Please reach out to us today with any questions regarding the programs listed.
- Depending on the loan amount, cash-out refinance options are available up to 80% 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 & second homes only
- Programs require full income and asset documentation from the homeowner
- Adjustable rate and fix rate terms are available. Interest-only terms are available on a limited basis. Negative amortization loan terms are not permitted
