Many business owners try to find jumbo refinancing once they are in a better financial position. A jumbo mortgage is necessary on properties that are over a certain limit. The downside is that they often come with higher interest rates than conforming loans. Once you have enough equity in your property, it's a good idea to consider jumbo refinancing.

Some of the best reasons to think about jumbo mortgage refinancing are:

1. You can get a lower rate. If you have paid enough on your loan, you may be able to re-fi a jumbo mortgage into a more traditional mortgage. This can save you a lot of money over the long term.

2. You want a shorter term. As your business does better financially, you may want to get more equity in your property at a faster pace. You can often refi a jumbo loan to a shorter term.

3. You need extra cash. If you need extra money for your business, you may be able to get that money through jumbo refinancing. You can take the extra cash from your equity and use it for other purposes.

Action Steps
The best contacts and resources to help you get it done

Look to commercial lenders for jumbo refinancing information

Many business owners choose to go to commercial mortgage specialists when they are thinking about a refinance. Jumbo loan providers are willing to discuss your options and help you to choose the path that is best for your company.

I recommend: Look for a company that deals only with commercial mortgages. These specialists understand your needs and can make recommendations based on your unique situation. Commercial Direct and Commercial Mortgages Direct are two great companies to contact when it's time to refinance your jumbo loan.

Talk to a jumbo refinancing provider about getting a better rate or shorter term

Your interest rate greatly affects the amount of money that you pay over the life of the loan. If you can decrease the amount of time that you take to repay the loan, or if you can get a better rate, then you will save much money. It's important to pay attention to market trends to see where you stand.

I recommend: Use Bankrate.com to monitor the rates on jumbo mortgages so that you know when the best time to refinance is. Then, contact a bank such as Irwin Union Bank to take care of refinancing your jumbo loan.

Contact your local bank about jumbo loan refinancing to a fixed rate conventional loan

If the amount of money that you owe on your jumbo loan will allow you to refinance to a conventional loan, talk to your bank about doing this. This will likely lower your interest rate and the total amount of money that you pay for the property.

I recommend: Bank of America and US Bank are two popular choices for refinancing a jumbo loan, but most other banks also provide commercial mortgage loans to business owners.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Use jumbo loan refinancing information to make sure that you are getting the best deal. Don't forget to look for any hidden fees that may increase your overall cost.