When a jumbo mortgage balance can move into a conforming refinance
Costs of switching
Crossover answer
A conforming refinance only helps if it costs less over the time you will keep it. Compare the payment and total costs on Loan Estimates for the conforming loan with your current jumbo terms, check how many months it takes for savings to cover costs, and watch for a restarted term that hides a higher total.
Last reviewed against the primary sources listed below.
Three numbers
- Closing costs.
- Monthly savings.
- Total remaining payments on each loan.
Switching questions
Are conforming loans always cheaper than jumbo loans?
No. Jumbo pricing is set by each lender and is sometimes competitive. Compare quotes.