Jumbo Mortgage Loans Refinancing into Low Interest rates

As of six months ago funding for jumbo mortgage was impossible to come by. Lately jumbo mortgages are making a renounced come back. Interest rates are starting to come close to conforming loans by as much as 50 basis points when you compare at 5/1 ARM.

Stricter guidelines apply even for top tier borrowers. Recently I worked with a customer looking to refinance out of a 30 year jumbo into a lower interest rate. This customer has excellent credit lives in a high end neighborhood in California and is easily in the top 10% of income earners in the country. Now because high income earners have complicated financials it may be difficult to verify the income of some of the highest earning individuals.

If you are looking to refinance your jumbo loans be prepared. First make sure you speak to your accountant and get you financials in order. Get a CPA letter verifying your income, get  a profit and loss statement. Make sure your tax returns are up to date and that you have evidence of any liquid assets. Explain to your lender any fluctuations in income and or job stability.

Save additional money by paying off any outstanding debts which you may have. Now you can't write off your credit card bills but if you have a significant amount of debt then consider consolidating them into your refinance. The average borrowers carrying credit card debt may find a lot of extra cash in their pockets after they consolidate them into their mortgage. In addition most borrowers may qualify for a tax deduction after speaking with their accountant.

Avoid this trip to financial ruin. Most people will quickly run up their credit cards after a consolidating with their mortgage. Cut up your credit cards at least for a year --- use cash for a while and you will find that see your financial discipline grow.