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10-01-2007, 05:28 PM
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Yes. You can refinance a jumbo loan with another jumbo loan, if necessary. For a single family home, a loan amount is considered jumbo if over $417,000. Loans for single family homes at or below this amount are considered conforming loan amounts. This conforming loan limit is subject to change each calendar year.
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10-01-2007, 07:32 PM
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As rates are falling keep your eyes open and refinance at what you think will be the lowest rate. If you're going to refi a jumbo with a jumbo, though, your fees and closing costs may offset your interest rate savings over the term of the loan. Have the bank or lender give you a thorough summary of what the costs will be before you go ahead.
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