Jumbo Specialist     

Refinancing America                       one client at a time...

Jim Pendleton   MrMortgageTM    NMLS 684537

  Call 1-631-451-7400


 

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We Are Jumbo Specialists

Lending in all 50 states

Refinancing your Jumbo Loan

 Jumbo loan with unlimited cash-out refinances, interest-only payments, and other programs help you proactively manage your costs and liabilities. Refinance Jumbo loan which will reduce your monthly payment or take cash out of your home equity for any reason. Current interest rates as low as they have been for the past few years now steadily coming up, there has never been a better time to refinance.

Fixed Rate Jumbo Mortgage


The most common refinance jumbo loan type of mortgage program where your monthly payments for interest and principal never change. Low Documentation - Income is stated on the application but not verified. With a refinance jumbo loan the assets are verified which is usually 3 to 6 months, depending on the program.

Adjustable Rate Jumbo Mortgages


With adjustable refinance jumbo loan begin with an interest rate that is lower than a comparable fixed rate mortgage, with the rate changes at specified intervals. The intervals for refinance jumbo loan are anywhere from 1 month to as long as 10 years.

Down Payment Options for refinance jumbo loan


Choosing a lower down payment lets you leverage your money better.

refinance jumbo loan credit Problems with Solutions


For people with discharged bankruptcies and or mortgage lates, we maybe able to help do a refinance jumbo loan.

Million Dollar Refinance Jumbo Loans


Some refinance jumbo loan programs offer limited cash out and others unlimited cash out on loans over $650,000 to $6,000,000.
Limited Income and Job information are not disclosed on the application. Assets are verified. Refinance jumbo loan best for those in between jobs or recently changed from employed to self-employed or vice-versa.

Home Equity Refinance jumbo loan


If you have a great rate on your 1st loan, apply for flat fee second mortgage or equity line of credit
 

What is Jumbo Loan Refinancing?

You must realize that in today's economy, with many properties already exceeding the conforming limits, homeowners are turning to jumbo loan refinancing to boost buying power or retire mortgages that no longer suit their goals. With all the relatively high risk of defaults associated with jumbo loan refinancing which means that lenders will probably charge higher interest rates, making refinance jumbo loan sometimes difficult.

We must take the confusing mumbo-jumbo out of the jumbo loan refinancing package. With a jumbo loan, by definition, is a mortgage with a total amount that exceeds conforming loan limits set by lenders. When looking at conforming loan limits, which  are traditionally established by agencies like Fannie Mae and Freddie Mac that buy mortgages on the secondary market.

But not always: that's why it pays to shop around.

Jumbo Loan Refinancing in Summary

Because of the susceptibility of "luxury" property to market fluctuations, some home lenders may require large down-payments. It's not uncommon to find a down-payment connected with a jumbo loan to rise as high as 5 percent on a refinancing loan up to $350,000 and 10 percent on a home loan up to $650,000. On the plus side, some lenders offer mortgages with longer amortization life in a jumbo refinancing package, allowing borrowers to enter 40- or 50-year terms.

When you look at size of the loan, you may find the adjustable rate preferable from the outset, if you can find a jumbo lender. A jumbo loan that refinances your home can be either a fixed rate loan or adjustable rate mortgage.


Closing costs for jumbo loan refinancing packages also can be comparatively high. Speak with a variety of lenders to find whether a jumbo loan is for you, or if you'd benefit from a more conventional
second mortgage in combination with other options including debt consolidation.

The 2008 limits set for conforming loan amounts set by Fannie Mae and Freddie Mac are $417,000 for a single-family home, $533,850 for double-family homes, $645,300 for three-family homes, and $801,950 for four-family homes. Special Conforming limits are at higher levels for homes in high-priced housing states and territories, including Alaska, Hawaii, the Virgin Islands, and Guam.


jumbo

 
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 Lender representive       All 50 states    

Call: 631-451-7400