Jumbo Refi / No good rates

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Jumbo Refi / No good rates

Post by Abk911 »

Dear Friends,

I have a predicament:

I am currently on a Jumbo 3.875 (1.X Mn) California Loan / 30 Yrs
The best I am getting is a 3.75 as a refi 30 yrs (No points, No fees, just appraisal fees) and need to maintain 50k in the bank.

Any, idea who is a better bank / lender to consider in California. Are the lenders shying away from jumbo refi. i was told purchase rate is 3.375 but not refi.
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Joined: Mon Oct 31, 2011 4:17 pm

Re: Jumbo Refi / No good rates

Post by bkeech17 »

Just went through this, although my jumbo loan isn't quite as jumbo as yours. Best I could get was 3.5 at US Bank.

I ended up getting my original lender to lower my rate to 3.625 for a small fee. Less hassle than a full refi, and I like my small CU lender vs a bigger bank.

One lender I was speaking to told me the banks are backlogged with refi requests so they are keeping the rates higher to discourage people from doing it. Not sure if that's true but seems plausible.
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Joined: Mon Feb 11, 2008 1:04 pm
Location: NY

Re: Jumbo Refi / No good rates

Post by gordita »

if it helps, the two I'm currently negotiating with would be PNC bank and Ally home loans.
my jumbo loan is in seven figures and am looking at 30-yr fixed around 3.25% (no points) or 3.125 with points.
ping me if you want more info
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Re: Jumbo Refi / No good rates

Post by Goal33 »

I think right now the path to doing better will be relationship assets.
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Re: Jumbo Refi / No good rates

Post by rgs92 »

Jumbo rates have dropped significantly quite suddenly. A 30-year jumbo mortgage is now under 3.25% and the 15 year jumbo is under 2.75%.
Sources: Bankrate, Nerdwallet, and others.
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Joined: Mon Nov 04, 2019 7:55 pm

Re: Jumbo Refi / No good rates

Post by annu »

Get the best rate you can, and then go to better.com. They will beat it and get you better option.
We got better ate, and also $2500 cachback, in the end, ended up with extar money as closing costs were less then $2500
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