MortgageDepot has a solution for homeowners who feel trapped and unable to escape the terms of their current jumbo mortgage. If the property is located in a high-cost market, our mortgage loan originators can show them how it is now possible to borrow anywhere from $636,000 up to $50 million with a jumbo mortgage refinance.
Jumbo mortgage as a nonconforming loan
Our mortgage loan originators begin their work on behalf of borrowers in need of a refinance by making jumbo mortgages less mysterious. A jumbo mortgage is nothing more than a loan for an amount exceeding the limits for a conventional loan set by the controllers of the secondary market, Fannie Mae and Freddie Mac.
The secondary market is where lenders go to sell the mortgages they originate. As a general rule, loans that do not meet the standards set by Fannie Mae and Freddie Mac cannot be sold on the secondary market. Jumbo mortgages and other loans falling outside of the conventional loan standards are nonconforming loans.
At MorgageDepot, we work with lenders who specialize in jumbo loans and other nonconforming financing options. These lenders rely on investors to buy the loans instead of offering them on the secondary market.
Benefits of a jumbo mortgage refinance
There are several benefits offered by refinancing with a jumbo mortgage, including:
- Up to 95 percent loan-to-value ratios on primary, single-family residential properties
- Up to 90 percent financing available on second homes and vacation properties
- Fixed rate or adjustable with terms up to 30 years.
- Flexible reserve requirements
Mortgage Depot also has cash-out refinancing options available on jumbo mortgages. Ask our mortgage loan originators for more details about them, including eligibility requirements.
MortgageDepot for refinancing jumbo mortgages
We take the work out of finding a lender to refinance with a jumbo mortgage and work with borrowers from application through closing to make the process as effortless as possible. The mortgage loan originators at MortgageDepot work with lenders offering the best rates and terms on jumbo loans. Call us today at (800) 535-0720 to find out more about the financing options we offer.