February 1st, 2008 5:23 PM by Lehel Szucs
For those of you with loan amounts above $417,000 and just below $625,000! The Treasury and House of Representatives have agreed to raise the conforming loan limit for one year to $625,000 for single family residences in California. Two, three, and four unit multi-family homes will go up accordingly as well.
How will this benefit you? Conforming interest rates are traditionally lower than jumbo interest rates. It is time to save more money!
This new limit should take effect Februay 15th, 2008, and will present new money saving opportunities to borrowers in California and New York.
Not to leave those with jumbo loan amounts out of the positive light, interest rate decreases are continually broadcast across the board!
If you may fit into the category of lucky borrowers, you recognize the importance of preparation and planning for the imminent refinance surge. The sooner that you are ready, the easier the process will be!
If you can think of any family, friends, or co-workers who also might want to save some extra money, I would welcome the opportunity to prepare them as well!
Please be on the lookout for the exciting news to come!