Profile picture for user7875668

Jumbo Refi - What are my Options?

Original Loan: $850K

Loan Balance: $805K

Current Rate: 6.125%

Current Value: ~$920-$890K per Zillow

Refi rate: 4.0%-3.8%

Add'l + $80K  to get LTV below 80%

 

What are my options?

 

Loan is currently with BofA. Since I have a jumbo loan I don't qualify for any special programs. Have not gotten any success working with BofA directly.

The only option they provided is a conventional refinance by putting another +$80K down to qualify for LTV. My credit is excellent and never missed a payment. Breakeven is roughly 4 yrs if put down the $80K but is that advisable? I've already put in ~$300K in principal & interest over the past 5 yrs.

  • October 18 2012 - Danville
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (7)

Are you a veteran by chance? Jumbo VA loans offer very attractive rates and with no mortgage insurance. If not, we have a very attractive standard Jumbo product if you would like to take a look.
  • April 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi there,

You have a few different options you can look at. The most obvious is if your loan to value is at 80% or less and you can do just simple refinance.

If your loan to value is more than 80%, you still have options. There are programs out there that will allow you to have one loan above 80% loan to value on Jumbo loans. There are ones with and without mortgage insurance. 

Another option is to split your loan into two with a first up to 80% and the balance on a second. One last option would be what you have stated above which is to do a principle reduction on your loan and bring cash to closing so that your loan is at 80% or less.

If you would like to run some numbers, please send me a direct message. 

Kaveh
NMLS #247776
  • April 24 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I offer a few portfolio loan programs that would allow you to refinance at 90% LTV. Contact me through my profile if you are interested in more information.
  • February 24 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

[Promotion removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
  • January 29 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

You could consider a first to 80% and a small second up to 90%. This might help with your cash. You will probably still need to bring in some cash but I have quite a few clients who opt for a small line of credit to help make up the difference. Would this work for you? Thanks and I wish you well!

Paul
  • October 22 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Ask your Mortgage Consultant or Realtor for a Comparative Market Analysis. You will get a better idea of value if you think it will be an issue. If you need help...I am local- Down the street from you! 


Ivan
  • October 18 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Outer Banks N C
I would not trust the Zillow guesstamate. I would speak to other lenders other than BoA and see what they offer. I would also try and get a better handle on the current value and not trust an online guess.

Tim
  • October 18 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.