The Office of Federal Housing Enterprise Oversight recently confirmed this year’s Conforming Loan Limit will not change from the 2006 amount. The 2007 Conforming Loan Limit is $417,000. If your home mortgage refinance loan will be greater than $417,000 you will probably need to refinance using a jumbo mortgage loan.
If you are a homeowner currently paying on a Jumbo Mortgage and owe less than $417,000, you should refinance this mortgage as quickly as possible to take advantage of lower interest rates. Once you have paid your mortgage below the 2007 Conforming Loan Limit you will qualify for traditional mortgage financing and much lower interest rates.
You can learn more about your home mortgage refinance loan options, including how to avoid overpaying for your next mortgage by registering for a our free mortgage tutorial.
Home Mortgage Refinance Loan: What You Need to Know