When a jumbo mortgage balance can move into a conforming refinance
Staying jumbo
Crossover answer
Keep the jumbo loan if its rate is already lower than conforming quotes, if you plan to sell or move before switching costs are recovered, or if it has features you value, such as an interest-only period you rely on. Being eligible to switch is not the same as benefiting from it.
Last reviewed against the primary sources listed below.
Signals to stay
- Your rate beats today's quotes.
- You expect to move soon.
- Costs would take years to recover.
Switching questions
Should I refinance just because my loan is now under the limit?
Only if the numbers show savings over the time you will keep the loan.