Over the last few years, the jumbo mortgage market has improved. Not only has qualifying for a jumbo loan become easier, both the jumbo mortgage fixed and arm rates have improved. Click here for our most current mortgage rates.
2020 CONFORMING LOAN LIMIT: In 2020, the conventional mortgage loan limit was raised to $510,400 This was a large increase from the 2019 limit of $453,100. Now you can borrow up to $510,400 and stay at standard conventional mortgage rates and underwriting guidelines
WHAT THIS MEANS TO YOU: Now is the time to review your current jumbo loan to see if any of the following qualify:
Convert Your current Jumbo ARM loan to a Fixed Rate Mortgage - The jumbo fixed rate mortgage rates are at all-time lows. With 2017 increases in the Prime Rate, 1-Year Treasury Rate, and 1-Year LIBOR Rates, chances are your ARM interest rate will increase (and your monthly payment too). NOW is the time lock in a low fixed jumbo rate.
Reduce your current jumbo loan interest rate - If you took out a fixed rate jumbo mortgage in the last few years, chances are the current rates are better.
Convert your jumbo loan to a conventional mortgage - with the increase of the conventional loan limit to $510,400, you may be able to convert your remaining jumbo mortgage balance to a lower conventional fixed rate.
"Re-ARM" your current Jumbo Mortgage balance - If your current jumbo mortgage is an ARM loan that is no longer in it's initial fixed rate period, why not take a look at another jumbo ARM to lock in a fixed rate for 5, 7 or 10 years?