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What is the best course of action when an older jumbo loan now qualifies as a conforming or conventional lEnter your question here

by sukgra_722_285 from Seattle, Washington. Jan 25th 2013 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#37 ranked lender in Massachusetts - 723 contributions

I would suggest you work with a Knowledgeable and Trusted Mortgage Professional to find out all the options you have, including the best rates and scenarios for all various loan programs and terms. I would be happy to help you directly with this, but would need more information. You can email me from this site if you'd like some direct help!

Jan 25th 2013
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,819 contributions

Connect with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can properly guide you. You can find one here at Lender411, or better yet, check out the Licensed and Certified Mortgage Professionals that are members of the National Association of Mortgage Professionals at www.NAMB.org. Members adhere to a strict Code of Ethics which benefits the consumer and we are trained to look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jan 25th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

First step would be to fill out an application with us. We are a non-profit which enables us to keep our rates and fees low. Let me know if you have any further questions: P: 888-320-7888 - Ken@MortgagesforAmerica.org

Jan 25th 2013
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Jerry Potter (JerryPotter)
#82 ranked lender in Washington - 37 contributions

Considering the rate one must have on an older Jumbo loan and the lower rates available today the best plan of action would be to look into all your refi options. Ideally, depending upon how many years into your current loan, shortening your term would also be a good long term financial move.~JP

Jan 25th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

Contact a Local Mortgage Broker. Your interest rate must surely be rather high on an "old" Jumbo loan compared to a conforming loan size at today's rates. Don't wait, rates are great!

Jan 25th 2013
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Steven Cook (stcookmortgage@gmail.com)
#39 ranked lender in Washington - 256 contributions

If you have not selected one of the previous contacts, or would like another opinion, I am located in Tacoma, and would be happy to review your situation, at no cost or obligation to you.

Jan 25th 2013
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Ryan Romero (REFIryan)
#454 ranked lender in California - 26 contributions

How do you know if you qualify are working someone yet? If have not refinanced lately the process is has greatly changed you will need good help if you qualify.

Jan 25th 2013
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Curt Tiedeman (curttiedeman)
#47 ranked lender in Washington - 28 contributions

Great question.....you need to talk with or meet with a mortgage professional that can help you decide if it makes economic sense to refinance. My bet is that it does, so taking some time to do it may save you money in the long run. Let me know how I can help. We can do it over the phone, email or in-person. Thanks, Curt

Jan 25th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in Florida - 2,240 contributions

The best course of action is to have a mortgage pro take a look at your situation, discuss it with you and fin the Best Mortgage Option to suit your needs and goals.

Jan 25th 2013
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Andrew Alfonso (CashCow)
#45 ranked lender in Florida - 271 contributions

Contact a Local Mortgage Broker. Your interest rate must surely be rather high on an "old" Jumbo loan compared to a conforming loan size at today's rates. Don't wait, rates are great! Andrew Alfonso 800 813 3291

Jan 25th 2013
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Steve Azarch (sazarch)
#19 ranked lender in Tennessee - 93 contributions

You need to get with a mortgage professional and let that person see if you qualify for a refinance and what kind of rate you can get.It it makes sense, then go with the new loan if not then all you lost was a little of your time.

Jan 25th 2013
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Joe Metzler (JoeMetzler)
#2 ranked lender in Minnesota - 3,852 contributions

Get off the internet. Go sit down with a local non-bank Licensed Loan Officer. Let them obtain a full application so they can review your situation to see if there is something that makes sense and can improve your situation. You will constantly hear here to not use a bank. The reason is simply. 10% of the success of your loan is the institution, and 90% is the actual Loan Officer. With that said, Bank Loan Officers are not required to have any state or federal licensed or testing. Therefore 99% of them do not. Non-depository lenders (direct mortgage companies and brokers) ARE REQUIRED BY LAW to take classes, and past difficult federal and State testing to get a license to help you.

Jan 26th 2013
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Barclay Butler (Barclay)
#85 ranked lender in Illinois - 71 contributions

I would refinance the mortgage depending on the interest rate.

Jan 26th 2013
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