Jumbo Refinance in Maryland
You took out a jumbo mortgage loan, used it to buy a home in Maryland and have been making your monthly payments faithfully. Then you notice a drop in interest rates, which typically would be a great motivation to refinance your mortgage loan. Should you go ahead and do a jumbo refinance in Maryland?
First of all, a jumbo refinance in Maryland will help you save a lot of money. You can use it to lower interest rates, insurance payments, and property tax. Also, you stand to get better loan terms when you refinance your current jumbo loan. So there is no doubt that a jumbo refinance is very beneficial. In fact, our Maryland mortgage experts here at TJC Mortgage suggest that you should consider a refinance when you see a drop in interest rates.
But first you need professional advice because jumbo loans are very different from conforming loans, and as such require a very careful consideration. For instance, in Maryland the jumbo mortgage base limit is $424,100, but there are counties with much higher limits. Basically, the amount involved is large. If you factor in the costs of your new loan after a refinance, there might be a possibility that the resultant amount payable may increase instead of reducing, even if the interest charged has reduced.
Plus the qualification standards for a jumbo mortgage are not the same as those required for a traditional one. You will only increase the chances of getting your refinance application approved if you know what Maryland lenders require. That includes credit score, income, loan-to-value ratio and payment history among others. We have discussed all that and more to help you plan for a jumbo refinance in Maryland, and if you need a personal assessment of your situation, please contact us. We will tell you whether you stand to save a significant amount with the current interest rates that are charged on jumbo loans in Maryland.
Maryland County Mortgage Service Areas