October 2, 2008
****** Conforming Jumbo CHANGE 12/1/08 ******
We know the conforming jumbo limit was going to change on 1/1/09 to $625,500, however just recently I've learned from some banks that the last day to close a loan for $729,750 is on 12/1/08 (for other banks the last day will be in mid-November). What this means is that if your loan is greater than $625,500 and you can't reduce it to this amount, you have to act fast to refinance that loan into a 30 year fixed. Loans are taking about 30 days to close right now, so you'd have to have a complete ready to submit to the lender by October 31 at the lastest.
Here some pricing scenarios:
Scenario 1: $729,750 loan amount, Loan to Value 80%, FICO 700, on a no-closing cost 30 yr fixed:
Rate 7.250% APR 7.250%
Scenario 2: $729,750 loan amount, Loan to Value 75%, FICO 720, on a no-closing cost 30 yr fixed:
Rate 6.500% APR 6.500%
Scenario 3: $729,750 loan amount, Loan to Value 60%, FICO 700, on a no-closing cost 30 yr fixed:
Rate 6.375% APR 6.375%
If you're loan is less than $625,500 you don't have to do anything right now, but for those with higher amounts, who will be going to float you should consider acting now.
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