If you currently have a mortgage with a balance over $417,000 your loan would be considered a Jumbo mortgage. If you have tried to refinance in the past year you may be shocked to find out what the rates are on these loans. These loans are not underwritten by Fannie Mae or Freddie Mac standards so the rates have gone up dramatically over the past year.
There are some very competitive rates for some certain programs and one program is the 5-1 adjustable rate mortgage. This rate is fixed for 5 years and can adjust after the 5th year, this may not be a long term solution but it does offer a very competitive rate for qualified individuals. These rates will be in the low to mid 4’s for the qualified borrower. If you have been looking to refinance your Jumbo loan this may be a great alternative to explore.
Posted by Randy Ratchford…Randy is a Partner/Sr. Loan Officer with Horizon Financial…Randy can be reached toll free 877-627-9211 ext.107 or email RRatchford@HorizonFinancial.org
