New Limits for Jumbo Mortgage Loan

Many people choose to refinance their mortgage loan because of many different reasons. Most of them refinance because they want to get lower rate on their mortgage. However, people with big amount of mortgage loan will no longer be able to refinance it because of the change in jumbo loan limits that starts to take effect on Oct. 1. In many parts of the country, the maximum amount of jumbo mortgage loan that is between $417,000 and $729,750 will be capped to $625,500. According to a real estate expert, there are many people with mortgage loan in this range. The change in jumbo mortgage loan limits will make them priced out of the market.