How To Refinance A Jumbo Loan

May 9, 2024

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A jumbo loan is a high-value loan used to buy a home that exceeds the conforming loan limits established by Fannie Mae and Freddie Mac. You can refinance a jumbo loan, but in order to qualify, you’ll need to provide extra documentation and meet higher standards than you would if you were to apply to refinance a standard mortgage loan.

Before you apply, it’s important to understand the process of getting a jumbo loan refinance, as well as the benefits of refinancing a jumbo loan. Additionally, looking at some examples of how your loan might change and learning how to shop around for the best jumbo loan refinance rates can help you go into your refinance feeling more confident.

When Can You Refinance Your Jumbo Loan?

No specific rule dictates how long you must wait to refinance after getting your jumbo loan. However, lenders who issue jumbo mortgages often have higher standards for homeowners compared to conventional mortgages.

It’s often more difficult to find a lender willing to refinance a jumbo loan. That’s because, depending on your lender, jumbo loans might not have mortgage insurance like conforming loans do. Bigger loans also have more risk, which means lenders have to be a lot pickier about who they approve for a jumbo loan refinance.

See What You Qualify For