If you owe more than $417,000 on your home and wish you could take advantage of today’s lowest mortgage refinance rates you’ll be happy to know that the Jumbo Mortgage loan is back! Rates are low enough to make paying higher fees that typically go with jumbo mortgage refinancing worthwhile. Here’s an article from the Wall Street Journal about this emerging trend in mortgage refinance:
So-called jumbo loans—generally those bigger than $417,000—are a better bargain now than they have been in years. The average rate on a 30-year jumbo mortgage is 5.15%, down from 6.41% two years ago, according to mortgage data firm HSH Associates.
Read More: http://online.wsj.com/article/SB10001424052702304223804576446042270052566.html The problem with any mortgage refinance loan is that it’s going to cost you fees at closing. These fees are compounded for non-conforming mortgage loans and reduce any benefit you get from your mortgage refi until you’ve recouped your expenses from your lower payment amount. You can save yourself a lot of cash at closing by minimizing your loan origination fee and avoiding lender junk fees. You can learn more about saving money on your jumbo mortgage refinance loan by checking out my free Underground Mortgage Videos.