Jumbo Loan Refinance

What to Know Before You Jumbo

A jumbo loan is known as a “non-conforming” mortgage because it is for an amount that exceeds the conforming limits set by the county you live in. In most markets, that conforming limit is currently $548,250 so if your refinance exceeds that amount, a jumbo loan may be perfect for you.

As with any standard mortgage loan, jumbo loans come with a series of steps to take. Some of the major qualifications include:

  • A debt-to-income ratio lower than 43%
  • A credit score above 700
  • Cash reserves
  • Financial documentation that extends beyond a conforming loan, including full tax returns, W-2s and 1099s.

If your home needs higher loan limit refinance, a jumbo mortgage refinance could be a great option. Contact a local PrimeLending loan officer to learn more about jumbo loans and discover whether a refinance works for you.