Jumbo Mortgage Refinance 1.1 Million
Jumbo mortgages especially over 1 million continue to see the Loan to Value reduced. Not too long ago LTV’s for these super jumbo loans were anywhere from 80% to 85% now almost every bank out there has a 75% or less LTV. I work with two wholesale jumbo mortgage lenders who will go up to 80%. The first has one lien at 80% and the second lender has 75% first with an outside second. The deal I am currently working on is refinance. The client is on 8.5% first lien of 888K and a 12.5% second lien of 200K. I will be able to put the client on 1 lien of 1.1 million at 7.875%. This refinance will save the client almost 1K per month and give him a two month break in payments. Keep in mind for such a transaction credit scores have to be over 700 and 6 months worth of PITI reserves has to be documented. No matter what your mortgage is, a thousand dollars a month is a thousand dollars a month.
Josh K.