Jumbo mortgage refinances are our specialty. Do you have a jumbo loan? Are you thinking about a jumbo mortgage refinance but not sure if you have enough equity in your home? To obtain a quick rough idea of your equity go to Zillow. From there you can key in your property address. Zillow will come back with a home value estimate. Bear in mind though, that this estimate is not always accurate. Normally, zillow home values are about $10,000-$30,000 less than the real appraised value. Not in all cases, but in most cases. It all depends upon the area of town. Do you live in Arizona or New Mexico? Jumbo loan guidelines have finally looosened up a little bit here in 2012. All you need is a 80% loan to value ratio in order to refinance. In the past, lenders were categorizing our state as a declining market. This meant that you needed a 65% loan to value ratio in order to refinance. Most borowers did not meet that criteria. No one wanted to put 35% down on a new jumbo loan purchase. Now guidelines have loosened up. The best part is the 30 year fixed rates are very attractive. However, you do need to have reserve requirements to qualify. Loan reserve requirements are based on your loan amount. Obviously, the higher the loan amount the more liquid reserves that are needed to qualify. Typically, a person needs at least 12 months worth of liquid reserve requirements. What are liquid reserves? These are assets that a person can get to in a hurry. For example, money market accounts, checking account, savings account, or with drawing a certificate of deposit. On a jumbo loan refinance, you will be required to order an appraisal. Currently, there are no jumbo mortgage refinance programs available that do not require an appraisal. That program is only offered on the VA streamline, FHA streamline, and the Harp refinance programs.
Call Arizona Wholesale Mortgage Inc. today for more information.
For more information go to www.azwm.com/jumbo-loan-arizona.html and click on contact us. We are now serving the states of Arizona and New Mexico.