How does refinancing a jumbo loan work?

Refinancing is replacing your current mortgage with a new one. It shares many of the same steps as getting a mortgage to buy a home, even for jumbo loans. Start an application or contact us so we can learn about your goals and your existing mortgage. If refinancing looks right for you, we’ll walk you through your options and rates. You’ll start the process of getting your mortgage. You’ll get an appraisal and provide necessary documents. Then you’ll close on your loan.

How do I qualify for a jumbo loan refinance rate?

Here are some general guidelines at Rocket Mortgage when refinancing a jumbo loan for a primary home to take cash out. If your goal or situation is different, or you’re a military member, talk to us to see what’s possible. For amounts under $2 million, a credit score above 680. For amounts over $2 million, a credit score above 720. Between 6-12 months of reserves, depending on the amount you’re refinancing. Less than half your income going to debt.

Jumbo loan refinance rates

Explore the rates Rocket Mortgage® offers on jumbo loans for refinancing. Learn what affects jumbo rates, then let us find your custom rate and the best way to reach your goals.

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Purchase rates

Refinance rates

Monthly payment examples below are for a loan amount of $1,100k. Taxes and insurance not included within the estimate; actual payment amount will be greater.

30-year jumbo fixed

Rate

5.75%

APR

5.981%

Monthly payment$6,420

Points

2 ($22,000)

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30-year VA jumbo

Rate

5.375%

APR

5.791%

Monthly payment$6,160

Points

1.875 ($20,625)

Estimate my rate Learn about VA jumbo loans

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Rates are current as of 12:32 PM UTC on June 13, 2026

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What factors determine your jumbo loan refinance rate?

You can control some things that determine your interest rate; others, not so much. No matter what the factors are, we’ll find a great rate for you.

Economic

The stock market, the Federal Reserve, inflation and the bond market all influence jumbo loan refinance rates.

Personal

Your credit profile, your debt compared to your income, and how much you’re borrowing help determine your mortgage rate.

Loan term and type of rate

Whether you choose a fixed or adjustable rate, or a 30-year or 15-year term, will affect the rate you get.

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Pros and cons of refinancing a jumbo loan

Pros

Take cash out. You can refinance your existing jumbo loan and use your home’s equity to take cash out.

Pay your mortgage off sooner. If you want to be mortgage-free faster, you can refinance to a shorter term.

Lower your monthly payment. You can refinance a jumbo loan to lengthen your term, which is a way to lower your mortgage payment.

Cons

There are cost for getting a new mortgage. Just like when you bought your home, you pay closing costs when refinancing - although they’re often rolled into the loan.

Your monthly mortgage payment will increase if you’re refinancing to take cash out, because your loan amount increases.

You’ll need reserves when refinancing. Reserves are cash that can be used to make at least 6-12 months of mortgage payments.

Jumbo loan refinance rate frequently asked questions

Don’t see your question here? We love helping people understand how rates work and what yours could be. Just talk to us.

Refinancing is replacing your current mortgage with a new one. It shares many of the same steps as getting a mortgage to buy a home, even for jumbo loans.

Start an application or contact us so we can learn about your goals and your existing mortgage.
If refinancing looks right for you, we’ll walk you through your options and rates.
You’ll start the process of getting your mortgage.
You’ll get an appraisal and provide necessary documents.
Then you’ll close on your loan.

A jumbo loan is a mortgage that exceeds conforming loan limits, which means they’re over a certain amount of money. This applies to refinancing, too. These limits are set by the Federal Housing Finance Agency. You can see all the limits on this FHFA map.

Here are some general guidelines at Rocket Mortgage when refinancing a jumbo loan for a primary home to take cash out. If your goal or situation is different, or you’re a military member, talk to us to see what’s possible.

For amounts under $2 million, a credit score above 680.
For amounts over $2 million, a credit score above 720.
Between 6-12 months of reserves, depending on the amount you’re refinancing.
Less than half your income going to debt.

That’s exactly what the experts at Rocket Mortgage can help you figure out. They’ll ask about your goals, look at your current mortgage and see what makes sense financially for you. It’s easy to explore your options with a free mortgage review.

Whether you want take cash out, change your monthly payment, loan length or type of loan, Rocket Mortgage has a variety of jumbo options and can help find the right loan at the best rate for you. Options can include: