Dave Donhoff - refinance questions...
In light of the recent "conforming jumbo" news, I'm not sure what our best options are going to be. Here's our situation:
We currently have a 5 year interest only ARM of $460,000, of which we are in our 3rd year. Our house was purchased for $580k, and we put down the rest. When we bought our house we could have qualified for a 30-year fixed, but wanted to have extra monthly income to fix up our house, and we knew that over the next few years we would be making more money (and we are -- about 25k more), so we had plans to refinance eventually once we were making more money and had stopped fixing things.
That time has just about come -- we're planning on refinancing within the next 6 months. Obviously, we're above the normal conforming limit of 417k.
What do you think is our best bet? Doing some sort of 80/10 loan situation? Or looking into this "conforming jumbo" thing? Something else? We're in SoCal, just as an FYI.
One other concern: my husband's company closed down and fired everyone over Christmas. He just started a new job a couple of weeks ago (did contract work in the interim). How will that affect us doing the refinancing? Should we wait a certain time period (6 months or so) while he's at his new job before starting the refinancing process? He makes the bulk of our household income.