Current homeowners will find the most common Jumbo refinance Q&A below. Please reach out to us if you have a question we can assist you with.
Question: C. Cuthbert / Raleigh, NC: Can I switch my current adjustable loan into a 15-year fix loan? My adjustment period is set to start in a few months.
Answer: Yes, assuming you meet the loan qualifying requirements you should have no issue. You may want to also check that your current loan doesn’t have any early payoff penalties. If you need assistance checking for this, we can assist.
Question: D. Hernandez / Phoenix, AZ: I would like to cash out some equity for a new addition at my home. Can I do this?
Answer: Yes, there are options to cash out up to 85% of your home value depending on a few variables like credit and loan amount.
Question: P. Jefferson / Richmond, VA: Will I need to get another appraisal if I refinance?
Answer: Yes, appraisals are generally valid for only 3 months. The Jumbo refinance program will require much of the same documents as a home purchase. However, a new home inspection is generally not required.
Question: J. Fernandez / San Jose, CA: I would like to use my VA to do a cash-out refinance, I have plenty of equity in my home. What is the loan limit for this?
Answer: 100% VA cash-out refinance options are available for loan amounts up to $1mil.
Question: J. Marks /Dover, DE: What is the maximum loan to value I can refinance?
Answer: 95% is the cap for a standard rate & term refinance – assuming your loan amount is below $2,000,000. Cash-out finance is generally limited to 90% LTV. Higher loan amounts will have lower LTV requirements, please contact us for more info.
Question: J. Bosler / Seattle, Washington: We would like to refinance the mortgage we have on a vacation home in Arizona, can we do this?
Answer: Yes, please see the requirements on the Refinance page. Qualified buyers can refi Second-home/Vacation home loans up to 90% loan to value.
Have a question? We can help, just call ph: 800-840-6449 until 8 pm.
