Jumbo Loan Refinance

Jumbo loans for the MA home owner have a variety of options like conventional loans, but you find a higher percentage of borrowers opting for ARM instead of fixed products because of the higher fixed rates.

Fixed: The payment is fixed for the duration of the loan

ARM: Adjustable Rate Mortgage can be fixed for a variety of time periods before it goes adjustable. Some of the more popular products are the 3/1ARM, 5/1ARM, & the 7/1ARM. The first number is the length of time it is fixed for. The 1 is the amount of times the loan can adjust in a year once it moves to it’s adjustable period.

Interest Only: An IO loan as its commonly referred to as, requires that the home owner only pay the interest on the loan. The actual loan balance doesn’t decrease, like a traditional amortized loan. This loan isn’t recommended for most people but can be beneficial to investors, or someone who gets paid in lump sums and is disciplined with their finances.

Mortgage Buddy Tip: Discuss openly your short and long term housing goals with your lender. For most  MA residents it is recommended to go with the security of a fixed mortgage but there are circumstances that that another product can be more valuable.

  • Accuracy matters, make sure to provide your lender with all of the information requested
  • Inform your lender of any changes to your credit including credit inquiries or new accounts
  • Always provide full bank or retirement statements that include your name/address/institution/full account#/all pages. If it says page 1 of 5, all 5 pages will be required.
  • Provide documentation after an approval is issued as quickly as possible
  • Do not fax a copy of your license either scan and email a copy or take a picture with your phone. A fax is almost always too dark.


  • Do not deposit any money into your bank account until first talking with your lender
  • Do not open up any new lines of credit or pull your credit until you have closed on your loan
  • Do not change jobs during the transaction
  • Work with your lender. Sometimes it may seem like the lender is asking for too much paperwork, try to be thorough, organized and review all of your documentation before sending it over.

Remember: Your lender is your best friend during this process. Be patient and work them. The road to a successful refinance requires team work.