Jumbo mortgage rates have remained near all-time low levels this year, which is why many homeowners continue to refinance their home loans. Refinancing your mortgage can provide many benefits to you in the way of lower interest rates /monthly payments or shorter terms.
Cash-out refinancing has also remained popular as rates stay low. A cash-out refinance allows homeowners take a new loan for a greater amount than owed on the current mortgage. Homeowners can keep the cash for whatever they choose – debt consolation, home remodels, new business ventures, etc. This enables homeowners to effectively tap into the equity they have built over the years.
However, many homeowners with higher loan amounts (Jumbo loans) usually find only limited cash out options available from most lenders and banks. Below we will discuss some of the new Jumbo cash out options available and the criteria needed to obtain approval. Homeowners that have questions are encouraged to contact us by submitting the Quick Call form on this page.
Jumbo Cash Out Refinance Options:
Please note, all the options listed below apply only to primary owner-occupied homes. Investment properties are not eligible.
- 90% loan to value – loan amount limit of $1,000,000
- 85% loan to value – loan amount limit of $1,950,000
- 80% loan to value – loan amount limit of $2,450,000
- 30-year and 15-year fix rate or adjustable rate ARM available
- No monthly mortgage insurance
- Standalone single loans and combo loan (1st and 2nd) mortgage options available depending on the property state
Jumbo Cash Out Requirments:
- Homeowners should have a minimum of 1-year payment reserves – liquid or non-liquid retirement accounts. Example: if your new monthly mortgage payment with taxes and home insurance is $5,000 per month – the homeowner should have a min of $60,000 in verified assets
- Minimum credit score of 720
- No bankruptcy, foreclosure in the previous 5 years. No mortgage late payments in the previous 12 months
- Homeowners should be prepared to fully document all income and assets. For regularly employed borrowers this means 2-years of most recent W2’s and tax returns. For self-employed borrowers just 2 years of most recent tax returns. Asset statements should be provided to documents required reserves
Please contact above with questions and also be sure to read up on the latest Jumbo Refinance FAQ’s here.
Refinance information for homeowners across the country: San Francisco California, Phoenix Arizona, Orlando Florida, Miami, Tampa, Los Angeles, Orange County, Chicago Cook County, Dallas, Houston, Connecticut, Boston Massachusetts, Atlanta, San Diego.