You’ve made your mortgage payments on time, have above average credit and built up some equity in your home. You’re looking for refinancing options to lower your interest rate, or reset an expiring adjustable-rate mortgage. Perhaps you want to consolidate your debt and your loan amount exceeds $548,250. What do you do?
You should consider a Jumbo loan refinance home equity loan to help you accomplish your goals. This program allows you to refinance a primary residence, vacation property or even an investment property. Jumbo refinance loans have stricter qualifying guidelines compared to other types of loans but still allow for a lot of flexibility. A common myth about jumbo mortgages is that you need 20% equity in order to qualify. This is flat out wrong!
The reality is a jumbo refinance loan allows you to refinance with as little as 10% equity without having to pay mortgage insurance in many cases.
Things to Consider Before Doing a Jumbo Refinance:
You need a credit score of 680+
You need solid financial and payment history
Do you have assets on reserve?
You need a stable employment history
Do you have equity in your home?
If you are self-employed have all your financials available
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Why is a Jumbo Refi So Great?
The Jumbo Refinance Program is the best, and in some cases the only, option when you want to lower the payment or shorten the term on your luxury home. (Please note – the total finance charges may be higher over the life of your loan). Even though it can be more difficult to qualify for compared to non-jumbo programs it is well worth the effort. For example, a high credit score, low debt to income ratio, and liquid assets on reserve are just a few compensating factors that will help you qualify and take advantage of some nice perks. Below are just a few of them.
5 Simple Steps to Refinance Your Home
If you are planning to refinance this is a must read guide. It will walk you step-by-step through the process and let you know what to expect along the way.
A small reduction in your interest rate could mean a large savings
Jumbo refinancing has stricter qualifying guidelines compared to other types of loans. Qualifying for a jumbo loan requires higher credit scores, low debt to income ratios, and liquid assets on reserve. Below are just a few of the items a lender will look at when considering financing a jumbo refinance.
Total monthly expenses
Total gross income per month
Credit score and payment history
Assets (checking, savings, and retirement accounts)
Jumbo Loan Guidelines
680+ FICO Score in most cases
90% financing allowed up to $750K
85% financing allowed up to $1.5M
80% financing allowed up to $1.85M
75% financing allowed up to $2M
60% financing allowed up to $3M
Borrower’s debt ratio cannot exceed 43% of monthly pre-tax income
W2’s. tax returns, pay stubs and proof of income are all required
Jumbo Cashout Refinance Loans
The Jumbo Cash-Out Refinance Program is an excellent option to leverage the equity you have in your home to be able to pay off debt, do home improvement, take a vacation or simply pullout cash for anything you want. It’s one of the most effective ways to consolidate high interest debt, including credit cards under one low fixed payment per month which may be tax deductible. You can also use it to refinance out of other types of mortgages to get more favorable terms or even pay a second mortgage off.
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