If you live in Arizona and have a jumbo loan, rates are at their lowest point since 2003.  And if you can meet the tighter underwriting guidelines, you could potentially save yourself thousands on your mortgage payment each month.

Courtesy WSJ

According to the WSJ:

Just a year ago, the average rate on a 30-year jumbo mortgage—a loan of more than $729,750 not backed by government-sponsored agencies Fannie Mae or Freddie Mac—was 6.86%, according to Greg McBride, a senior financial analyst at Bankrate.com. Now it is 5.48%—a rate that rivals those available during the height of the credit bonanza.

“In just the past couple of months, jumbo loans have really started to be competitively priced,” says Keith Gumbinger of HSH Associates, a publisher of consumer-loan information.

The recent low rates on jumbo loans has caused an uptick in refinancing activity – with some jumbo lenders reporting that jumbo refinancing up as much as 50% vs. what it was last year.

Arizona Jumbo Loan Refinancing: Big Savings

If you have a $2 million loan on a  home in Paradise Valley and refinance where you can save a full percentage point on your rate – your savings will be dramatic.  Even using a smaller loan amount as an example illustrates substantial savings: a homeowner with a 30-year fixed-rate $800,000 mortgage at 6.86% pays $5,247 a month. If he were to refinance at 5%, his monthly payments would be reduced by $952.

Arizona Jumbo Lender: Now Available

The jumbo market has tightened up quite a bit and here in Arizona, it can be difficult to find a lender who can help you with your jumbo loan financing. We are jumbo loan experts and are happy to help you figure out if refinancing your jumbo loan makes sense or not – call us anytime!