Think a jumbo loan refinance might be right for you? Here are some answers to frequently asked questions centered around refinancing a jumbo loan. Working with your current lender is an option for getting a jumbo loan refinance. Your current lender has a history with you and already understands your financial situation. A solid history of timely payments may mean they’re more willing to be flexible with credit and reserve standards when you refinance. Contact your current lender and ask about the jumbo loan refinance application process.Should I refinance a jumbo loan with my current mortgage lender?
Can I choose a new lender for a jumbo loan refinance?
You can apply for a refinance with a new lender if you can get a better deal or if you’re unsatisfied with your current one. Research lenders in your area that offer jumbo loan refinancing and ask about their lending limits. Know your principal balance before you call so you can quickly see whether you qualify.
Apply for refinancing when you find a lender you want to work with. Many lenders now allow you to submit an application online, but this process can vary by company.
When can I get a good refinance jumbo mortgage rate?
You’re more likely to get a better interest rate on your jumbo mortgage refinance if your credit has improved significantly since you took out your original jumbo loan or interest rates across the industry have gone down. Otherwise, you may not qualify for a better interest rate.
Should I wait to get a jumbo mortgage refinance?
In some circ*mstances, the smartest thing to do is wait to refinance your loan until your financial situation improves. For example, you’ll have a tough time finding a lender to service your refinance if you don’t meet credit requirements, your DTI is higher now than when you got your loan or you’re early on in your loan’s term.
Can I modify my jumbo loan rates without refinancing?
If you don’t think that refinancing is right for you, but you’re still having trouble making your payments, you may want to request a loan modification. This feature makes a direct change to the conditions of your loan made by your current lender. You can modify your loan to take a longer term or lower interest rate.
However, your lender must agree to the modification. Contact your mortgage servicer or loan officer to find out if you qualify for a modification.
