Fannie Mae and Freddie Mac announced they approved an increase to $725,400 for the jumbo mortgage loan limit in 2024. The jumbo loan limit was raised from $484,350 last year. This means the maximum jumbo loan amount has increased $200,00 over the last ten years and that indicates a robust housing sector and strong economy.
Find Jumbo Mortgage Lenders for Non-Conforming Loans
Get help comparing jumbo mortgage companies now so you can find the best jumbo rates with highest loan amount limits on non-conforming refinance programs nationally. Many people living in high cost areas are searching for the lowest jumbo rates for refinancing. Our jumbo mortgage loans include many competitive refinance programs for people who need low payment mortgages. Jumbo refinancing will be quite a commodity in 2020.
With the loss of home equity gains in the last five years, many borrowers find themselves in desperate need of a low rate refinance program designed for jumbo loans.
Now more than ever, borrowers need million-dollar loans to finance their dream home in the high cost neighborhoods across the country. If you are seeking a jumbo mortgage with a fixed rate below 5%, then Nationwide is the lender you should be working with.
Jumbo mortgage programs are needed for loan amount greater than $417,500 in most states and more than $729,750 in high cost areas like California, New York and New Jersey. The current jumbo rates have fallen to the lowest levels in decades.
Fixed Rate Jumbo Mortgage Loans from $500,000 to $5,000,000 with Competitive Interest Rates
Refinance Jumbo Loans Today – Get more info from our lending partners that offer California borrowers jumbo mortgage loans to nearly 5 million dollars with refinancing options for non-conventional mortgages. Homeowners in other states like Oregon, Florida and Virginia may qualify for jumbo home loans that can be financed in excess of 2 million dollars. Like conventional lending, borrowers can select a 15, 30, or 40 year term with fixed or adjustable rates. Interest only options may also be available for qualifying borrowers.
What Is Your Risk Tolerance?
Holding an ARM loan is a risk because your rate can go up when the rate resets after the introductory period is over. There are limits to how much it can go up; there may be rules that state the rate can go up in year 6 by 2%, and can go up 2% in later years, but never higher than 6%. Imagine if your rate went up 2-3%. That’s several hundred dollars more per month! Some people find that just too risky to think about, even with refinancing a jumbo mortgage.
People’s Financial Expectations Are Usually too Rosy
If you were around before the housing market crashed, you know that what people expect to happen in the financial realm and what really happens sometimes can be very different.
Many people will take out an ARM and make rosy financial assumptions:
They will be able to sell the home for a profit before the ARM resets.
Their income will go up in the next five years.
They can refinance a jumbo loan before the reset and in some cases, refinance with no closing costs or lending fees.
Interest rates will stay stable or even go down.
Yeah, well, in the crash, millions of people were overextended on their homes, they lost income or lost their jobs totally, their home value declined, and they couldn’t sell their home even at a loss. Things often do not work out in the real world the way people expect, so it is a good idea to plan for that.
As most homeowners living in higher cost regions would attest to, the pricing for jumbo refinancing has been uncomfortably higher since the market crashed. Unfortunately, most banks and private lenders stopped offering subprime loans, they also slowed the availability for consumers to access jumbo mortgage loans as well. Finally, private money lenders have become more active in the larger loan market and thus jumbo mortgage refinance rates have become more competitive. While the fixed thirty-year loans are still above 4%, the 7/1 and 5/1 ARMs have fallen below 3% for the first time ever. This give millions of homeowners in states like California, Colorado, Connecticut, New York, New Jersey, Virginia and the DC regions more opportunities for affordable interest rates on jumbo mortgages.
Compare Jumbo Rates for Refinancing High Balance Mortgage Loans
Whether you need some cash out or just want to lower their payment with a rate and term refinance, our mortgage lenders offer great jumbo loans for everyone. Jumbo Mortgage Refinance loans are offered up 95% loan to value. The most popular 1st mortgage refinance is the 30 Year fixed rate loan. Check with your loan officer for current jumbo rates.
Side by Side Analysis of Fixed & Adjustable Rate Jumbo Mortgage Loans
Fixed Rate Jumbo Refinance Terms
80-100 Refinancing loan to value.
Bad credit jumbo applicants can refinance with appraised value after 6 months on qualified non-conforming programs.
Adjustable Rate & Term Jumbo Refinancing
80-95% combined loan to value.
First Time Home-buyers can refinance with appraised value after 1 year.
15 Year Fixed Rate
20 Year Fixed Rate
25 Year Fixed Rate
30 Year Fixed Rate
40 Year Fixed Rate
1 Year Fixed Interest Only (Draw 10 yr.)
3/1 Year Fixed Interest Only (Draw 10 yr.)
5/1 Year Fixed Interest Only (Draw 10 yr.)
7/1 Year Fixed Interest Only (Draw 10 yr.)
10/1 Year Fixed Interest Only(Draw 10 yr.)
30 Year Interest Only Refinance
Learn More About Jumbo Home Loan Refinancing to 5 Million
It’s not too late for you to lower the payments by refinancing into a lower rate loan. Many homeowners are looking to refinance their existing mortgage & home equity loan, because it has a variable rate.
Nationwide provides affordable non-conforming loans at a time when many mortgage lenders are penalizing jumbo loans with (see lender) add-ons to the interest rate. The secondary market has struggled of late, but we have partnered with portfolio lending institutions that are not as affected by the subprime crisis.
Top Jumbo Lenders
Competitive Jumbo Mortgage Rates with Cash Out
Credit Rating: Poor, Fair, Good or Excellent
Key Qualifiers: Property Value, Credit Score
Income Documentation: Full Doc or Stated Income OK