The Risks of A Jumbo MortgageJanuary 28, 2014
Something else to be prepared for, although it is a subjective thing, is that lenders may sometimes require two appraisals before approving the loan. Refinancing is also a consideration, as refinancing a jumbo mortgage can be affected due to closing costs. Instead, some lenders may offer a service of an extension (consolidation) agreement, to keep the borrower from having to pay the mortgage tax again on the same principal. If you want to speak to a lender about working on a Jumbo Mortgage, consider consulting a professional who specializes in them before making any decision.