Conforming interest rates dropped again this week, but Jumbo rates have gone haywire; my price checks are coming back 1-1.5% higher than usual on Jumbo loans. Investor’s have been a little shaky lately; first it was Subprime, now it’s Jumbo that’s taking the hit.
My advice? If you’re looking to refinance a Jumbo loan, wait a couple weeks. Things will settle down and rates will come down. Make sure your Loan Officer knows not to lock a Jumbo (over $417,000) loan for a week or two; if he’s unaware of all this, you need a new LO.
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3 responses so far ↓
1 Jim Bauer // Aug 27, 2007 at 8:38 pm
First of all, great blog! I was in the middle of refinancing when I started reading your blog and it made me realize the guy I was working with wasn’t any good, so I canceled with him and went with someone else who is more like what you describe here. Thanks for the info.
2 Jason Fox // Sep 16, 2007 at 1:32 am
You need a link to your mortgage offerings (maybe something like ‘hire me to be your LO’ ,etc… The guy above was ready for you…
3 Jumbo Loans Stage a Comeback // Oct 9, 2007 at 4:27 pm
[...] homeowners and it’s good for brokers, it’s good for lenders and investors too because, as I wrote about here, investors really freaked out more than necessary regarding jumbo loans. The fact is, jumbo loans [...]
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