Forum Archive

First, can anyone tell me conclusively what the current limit is for a jumbo vs. conforming loan in NYC (on an apt.)? I’m reading mixed things. And is it likely to change soon? I read something about a Dec. 31 ’08 deadline on the last decrease?

Also, would like to hear opinions on how big a drop in rates (from one’s own current rate) makes it “worthwhile” to refinance? We currently hvae 6%, and now that I’m hearing it’s dropping below 5% (assuming we can qualify for conforming) I’m starting to think… Some years back I refinanced on my previous apartment (with the same lender I have now, Wells Fargo) and I remember the closing costs being only be a couple thousand and they got tacked onto the new loan balance, so it was really painless, no out-of-pocket. Is the same scenario likely today?

(Apologies for repeating, I know there’s been lots of discussion on these topics lately, but I’ve searched and not finding exactly what I’m asking…)

Thanks in advance for the insights!