The licensed loan originator you'll work with may be able to help you refinance your existing loan with a quick underwriting decision and a hassle-free closing. Now you just need to decide on either a fixed or adjustable rate mortgage, interest only option, and varied terms of 5, 10, 15, 20, and 30 years.
Why Homeowners Refinance Their Jumbo Loan?
Decrease the number of years of your loan and save money.
How does that work? One way is if you switch from a 30-year term to a 15-year mortgage term.
Your new monthly payment will likely change by a good amount, as in make your monthly payment higher depending on the interest rate. The silver lining though is the total amount of interest you pay over the term of the loan will be substantially less.
Once more, depending on where interest rates are, you may want to switch from an ARM to a FRM (fixed-rate mortgage). By doing with a 30-year jumbo refinance to a fixed-rate mortgage, your payment will be the same every month, and not fluctuate as it would with your current adjustable-rate loan. In addition, this could help you to manage your money better as you'll know exactly what the payment is throughout the loan term.
In some cases, borrowers switch from one ARM into another ARM with a lower interest rate or they were in a balloon mortgage that is coming due. The objective is to stay in the home and save money and if you can achieve that goal you've done the right thing. One more reason why homeowners refinance ARMs is to obtain a more favorable payment cap or margin.
Eliminate Private Mortgage Insurance (PMI) - As your property increases in value, an appraisal substantiating the higher value can help remove PMI during a refinance.
Refinance out of a construction loan - Once your new home construction is complete, you'll want to get permanent financing and refinance out of that short term loan..
Refinance with Cash Out - Take some equity out of your home. As much as $2 million cash may be obtained if you're a qualified borrower.
We can accommodate your needs in California, Colorado, Washington, Oregon, Texas, and Florida.