We’ve all heard about someone who refinanced their mortgage because they were promised rates and savings that were better than their current mortgage interest rates, but ended up paying thousands of dollars in junk fees and broker scams.
This is devastating for anyone, but when you refinance your mortgage for a jumbo mortgage loan and end up paying junk fees, thousands upon thousands of dollars can be lost. Jumbo loans are used to pay for luxury homes and no one has luxury homes like California. If you live in California and are thinking about refinancing a jumbo mortgage, read on to for some practical advice.
What are Jumbo Mortgage Rates and Loans?
Jumbo mortgages are mortgage loans that exceed the amount of conventional loan limits dictated by the U.S. government. Lenders like Sallie Mae and Freddie Mac provide financial backing for the majority of real estate and when a home loan exceeds the amount that a conventional lender will provide, it is considered a jumbo loan.
Make Sure You Have Time
When you refinance your mortgage you need time. Make sure you can examine every detail involved in your refinance. A lack of time can cause you to make small mistakes with big consequences. Get the best current mortgage interest rates by being thorough in your investigations and refinancing process.
Thorough, Accurate Risk Assessment
Remember, the goal of refinancing a home loan is to save you money. Jumbo mortgage rates and loans are a bit trickier than conventional ones. They are higher risk and have higher rates. Think through every variable that could affect your home loan before you refinance your mortgage. Jumbo loans are used for luxury homes and luxury homes are harder to sell if you find yourself in a bind. Job relocations, sickness and other life circumstances can greatly affect your ability to save money on a jumbo loan refinance. You can’t predict everything, but have enough knowledge to make an educated decision—it could cost or save you thousands of dollars.
Save Thousands by Signing Up With RefiAdvisor
RefiAdvisor is owned and operated by Rob Regehr, a guy that got burned by a dirty mortgage broker. He is dedicated to exposing the dirty tricks mortgage brokers use to get home owners to pay for junk fees during a jumbo mortgage rate refinance. We offer a FREE six-part video series that will teach you all you need to know about home loan refinancing. It will help you avoid being scammed and teach you how to get the best current mortgage interest rates available. Sign up for the FREE video series to save thousands of dollars on your next home loan refi today!
Get the insider information you need to get the best current mortgage interest rates available by signing up for the FREE six-part RefiAdvisor videos today!
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
