“I bought my house with what the bank calls a jumbo loan here in Florida, can I refinance my home?

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  1. Reply
    Samantha D
    February 12, 2014 at 6:46 am

    Yes, you are able to refinance, and a professional at http://www.whataboutloans.com/state/mortgage/florida.html these professionals will be able to help you find the right type of loan to fit you financial situation today, and keep you at a steady payment rather than one with a large payment to satisfy the loan.

  2. Reply
    February 12, 2014 at 7:07 am

    yes you can refinance a home in florida that is a jumbo loan. here in florida the biggest problem is having homes appraise. If you have been in your home for several years 3+ or have made improvements there should be no issue!

    My pick for jumbo lender for you is
    http://www.DirectLendingPlanet.com they are based in florida!

    the fact they limit what thier brokers can make per deal is a huge plus and the fact they dont allow brokers to charge yield spread!

  3. Reply
    February 12, 2014 at 7:58 am

    Sure you can refinance. That is if you have equity in the home. Quite a few properties in Florida have lost value recently so you may want to check out your equity situation first.
    Jumbo mortgage rates are running a bit higher than they were in the last few years as well, so you’ll want to make sure you have improvements in your situation in order to improve your loan. A few quick things that may have happened…

    You have much more equity now than you did before
    Your documented income has increased to where it can support all of your debts, when before it wouldn’t have.
    You’ve paid down the loan where the new mortgage would be under $ 417,000 (the conforming loan limit for a 1 family home) and get you out of ‘Jumbo’ pricing.
    Your credit has had a dramatic increase since taking out the mortgage.

    If none of these has happened it probably won’t reduce the interest you’re paying or get you into a better loan to refinance now. If several have happened, or if you have some other specific goal, then it may be worth looking into now.

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