Actually, clarifying the current loan environment is a tough one and while this article may do some of that, there is still a lot to be learned about getting a loan these days. Find a good lender and spend some time talking to them before you do anything...
Here's the entire article from Bankrate.com's Holden Lewis. There is a list of guidelines that should help you understand if refinancing with the new limits will be of interest to you.
(Excerpts)
- You might be disappointed if you planned to refinance your mortgage under the new "jumbo-conforming" limits. The requirements are stringent, and they might leave some would-be borrowers out.
- Depending on the median cost of houses in each metro area, the jumbo-conforming limit can be as high as $729,750. You can look up your county's limit on this clickable map.
- There is no guarantee that the rates on jumbo-conforming loans will be low enough to attract a lot of borrowers. Rates will be set by the market. The most likely outcome is that the rates on the jumbo-conforming loans will end up somewhere between those for conforming loans and those for jumbo loans.
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