Jumbo Refinance
If the jumbo refinance is on your radar for 2026, here is how it works, who it fits, and what to watch for.
How it works
A jumbo refinance covers loan amounts above the conforming limit (a $806,500 baseline in 2026, higher in expensive markets). Because they can't be sold to Fannie or Freddie, jumbos have stricter requirements - higher credit scores, lower DTI, and larger cash reserves - but let high-value homeowners refinance or cash out.
Key things to know
- Weigh the new rate and term against your current loan — a refinance resets the clock.
- Budget 2-5% of the balance in closing costs (or roll them in for a higher rate).
- Find your break-even: costs divided by monthly savings.
- Cash-out is capped at 80% LTV conventional/FHA; VA cash-out can reach 100%.
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Frequently Asked Questions
- What is the jumbo refinance?
- A jumbo refinance covers loan amounts above the conforming limit (a $806,500 baseline in 2026, higher in expensive markets). Because they can't be sold to Fannie or Freddie, jumbos have stricter requirements - higher credit scores, lower DTI, and larger cash reserves - but let high-value homeowners refinance or cash out.
- What does it cost?
- Most refinances run 2-5% of the loan in closing costs. A no-closing-cost version trades those fees for a slightly higher rate.