Q: I'm trying to refinance a jumbo loan. Owe $1,350,000; Value about $1.7m. Current rate 6.5%. Any lenders you can recommend?
A: We're not in a position to recommend a specfic mortgage lender for you. However, with a loan of that size, there may be fairly wide variances in rates from lender to lender, so you'll want to shop around in your market very thoroughly.
- What is a rate and term refinance?
Homeowners have a variety of reasons for refinancing and each reason can indicate that one refinance option or another makes the most sense.
- Are ten-year fixed-rate mortgages (FRM) available anywhere?
Sure! Virtually all lenders who sell product to Fannie Mae or Freddie Mac will be able to offer you mortgage with a 10-year term. However, interest rates are usually the same as the lender's 15-year offerings.
- Can I get copies of checks from a past refinance?
It's not going to be easy, that's for sure.
- Can I refinance an underwater ‘kiddie condo’?
If the home is underwater, HARP is really your only option.
- Will shopping around for a refinance affect my credit?
Credit bureaus usually treat multiple applications to different lenders as a single entry in your credit file.