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Jumbo mortgage refinance sources: Where To Get a Jumbo Refinance Loan

Learn where you can refinance your jumbo mortgage loan in today's tougher mortgage lending environment

Mortgage rates are low, and jumbo adjustable rate mortgages (ARMs) are near the lowest they have ever been. Qualifying for a jumbo mortgage loan has become much more difficult, and the number of jumbo mortgage refinance loan sources has dwindled to a relatively small number of lenders. However, jumbo loans with low mortgage rates are available for well qualified borrowers.

The following is a comparison of current options where you can refinance your jumbo mortgage loan in the current mortgage market if you need to refinance your conventional limits. Jumbo mortgage borrowers should consider:

1. Your Existing Loan Servicer. If your loan is with a portfolio mortgage lender, logic would normally dictate that the lender who is servicing your loan would want to keep your business and therefore would offer you some type of special deal for refinancing and sticking with them. The only problem with this option is that so many of the jumbo loan lenders of yesterday are no longer here today. The few remaining lenders who remain that actually do want to keep your business will at the very least offer you a mortgage rate that is at least competitive with most other remaining lenders. Some loan servicers are instructed by their investors to avoid offering refinance deals so they can keep the existing loan in place as long as possible.
2. Large Banks. Another traditional source of financing would normally be your bank. At present, however, most national banks are busy rebuilding their cash positions so they can save up to repay government TARP loans they received over the past years. As a result, very few of these banks such as Citibank, BankAmerica or Chase are offering any jumbo loans besides the conforming Fannie Mae and Freddie Mac jumbo programs that top out at $709,250. While these banks have deposit relationships with you they want to keep, they just do not have the money to lend right now. So it would stand to reason that you would get a better deal if you had banked with your bank for many years and had checking and savings account with them.
3. Mortgage Brokers & Regional Savings Banks. Mortgage brokers place loans with banks and mortgage brokers. They are offered wholesale pricing which means that theoretically they can shop for the best deal and when they find it you should not pay more than if you went directly to the same lender. The few remaining regional banks that are still making jumbo refinance loans usually work locally through their branches and regionally through mortgage brokers and mortgage bankers. The good news is that when you find these lenders their rates are fantastic right now.
4. Mortgage Bankers. Most mortgage bankers have correspondent relationships with the same jumbo mortgage lenders that work with mortgage brokers. This translates into the ability of mortgage bankers to deliver the same loan programs and rates as you would get if you went searching for these same banks directly.

No matter where you go for your jumbo refinance mortgage loan, shop around first and get everything in writing once you apply and lock in your rate.

For a free pre-qualification and rate quote on available jumbo mortgage refinance programs, please email us or call us at 1-877-868-2503.

To see the current mortgage rates, visit our Current Mortgage Rates page.

If you have any questions that you would like to get answered by our expert mortgage brokers, please email us or call us at 1-877-868-2503.

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