Monday, November 10, 2008
Loan Limits Changing.
My trusted loan advisors have been giving me the inside scoop on upcoming changes to basic loan programs. Today, there are 3 basic loan groupings: Conforming (loans under $419k), Jumbo-Conforming ($419K-$729K) and Jumbo (over $729K). All things being equal, Conforming loans have the least expensive rates and Jumbo's are the priciest. At the end of this year however, there will only be 2 loan programs, Conforming (under $625k) and Jumbo (over $625K). If you have a loan you need to refinance that falls in the $625-$729k range, my lenders are saying you should do that now before you get stuck with Jumbo rates. For more information, please go to the "Referral Directory" link on my website and look under "Lenders" to talk to some great people whom I trust to help you. But do it quickly, lenders will be shutting down their pipeline for this loan type in December!