A jumbo mortgage refinance in Ponte Vedra Beach often makes good financial sense. As interest rates drop, refinancing your loan is a great way to save money either by lowering your payments or shortening the life of your loan. The money you save in interest adds up quickly and allows you to build equity in your home at a rapid rate.
What is a Jumbo Loan?
Real estate prices continue to rise, and getting a loan to finance this expense sometimes requires a jumbo loan. A jumbo loan is a designation given by Freddie Mac and Fannie Mae. For the contiguous United States, a jumbo loan is any amount over $484,350. For loan amounts less than this, conventional lending is used.
You can take out a jumbo loan whether or not you are a first-time homebuyer. Jumbo loans are available in many of the same types of packages as conventional loans, such as fixed and adjustable-rate, and terms up to 30 years.
Interest payments make up a large percentage of the money you ultimately pay on your mortgage, which is why it makes sense to keep the interest rate as low as possible. If interest rates drop after you close on your loan, it may make sense to refinance. Talking to an expert in jumbo loans allows someone to run the numbers for you and determine how much you will save by refinancing. If you are interested in a jumbo mortgage refinance in Ponte Vedra Beach or surrounding areas, get in touch with The Mortgage Lady Team. They can determine what interest rate you can refinance at and give you an idea of how much you could save.