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Jumbo loan?
Wife and I are about to refi. We want to cash out some $$$ for a home improvement project, prolly around $150k. All of the cashout money would go into the house.
Zee problem is that there is $417k conforming limit, we owe around $350k, so we would only come home with about $58k from a conforming refi. Thats not enough cashola. We could cover the additional cost with cash, but we REALLY don't want to that at the moment. We could scale the project back, but only to about $100k.
We have both been sour on the idea of jumbo mortgage, but now were looking at it seriously. Rates are in the low 6s. That sucks when one looks are conforming loans, but historically, that actually pretty cheap money, yes?
Even with the cash out, we would still be less than 70% loan to value.
We are starting to think jumbo might be the way to go.
What say yea?
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