Yes — jumbo loans can be refinanced

You can refinance your jumbo loan to lower your rate, reduce your payment, change your loan term, or restructure your financing. Both rate/term and cash-out options are available.

What is a rate/term refinance on a jumbo loan?

A rate/term refinance replaces your existing jumbo loan with a new one at a different rate or term — without taking significant cash out. The new loan is limited to paying off your current balance plus closing costs. Cash back at closing is generally limited to 1% of the loan amount or less.

When does refinancing a jumbo loan make sense?

• Interest rates have dropped significantly since you closed
• You want to move from an ARM to a fixed rate
• You want to shorten your loan term (e.g., from 30 to 15 years)
• You’re adding or removing a borrower
• Your credit profile has improved since your original loan

Refinance requirements on jumbo loans

• Minimum credit score of 660–720 depending on program and LTV
• Full income documentation — pay stubs, W-2s, and tax returns as applicable
• Property appraisal required (waivers not allowed on jumbo)
• 6–12 months of verified post-closing reserves

Can you refinance right after buying?

There is no mandatory waiting period for a rate/term refinance. However, the property must not be currently listed for sale, and a new rate/term refinance is not eligible within 30 days of a prior cash-out refinance on the same property.