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Looking to refinance my jumbo loan to 2 loans, so that both will be conforming. What are the rates?

Hi, I'm looking to refinance my jumbo loan into 2 loans. Reason is to take advantage of the lower 30 year conforming loan rate. I'm wondering if I still come out ahead given that the 2nd loan would be at a higher rate. What do you think? Total mortgage: 750K. Conforming in my area: 567K
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September 17 2012 - Bellevue
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user0433064, I would recommend getting another Arm now.  Your score and LTV should get you a new 7/1 Arm at the same rate you have now giving you 7 years with no rate change while you pay the balance down.
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September 20 2012
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Thanks for the info. Estimated value is 1.5M. I've got a 5/1 ARM at 3% now and 740+ credit score. I don't have plans to sell in 5 years, but figure that I can lower my outstanding loan to conforming within 5 years (with extra payments). What would you recommend?
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September 17 2012
user0433064, if you are in King County then the max agency loan amount is $506K, the 567K loan limit is for FHA. You are better off to refinance with a single Jumbo loan vs a $506K first and piggyback of $244,000. The payments would be equal if you could find a 2ND with a rate of 5.125% which will be very hard unless you get a Heloc and that loan will surely adjust up in the future. Have you looked into simply refinancing the existing lien with another Jumbo loan?  
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September 17 2012
What is the estimated property value, your current rate, and estimated credit score? Do you have an Arm or Fixed rate loan now? How long do you plan on owning this property?   
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September 17 2012
 
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