Rate and Term refi on a new condo bought 6 months ago

[Anil Kannepalli]

Hello all

I bought a new condo with a Jumbo mortgage and 90%LTV in Aug 2018. There is no PMI. The price was locked in 2017 before the construction began and the market value went up since: newer condos in the same project (same floorplan, same street) were sold for 20% higher by the builder in the last few months. I'm looking for a simple rate and term refi (no cash out) with appraisal at market value, that should put me at <80% LTV and give a decent rate.

Is this possible given it's a Jumbo and I've held the property for less than a year?

Appreciate some advice here.

Thanks!

[Andrew Postell]

@Anil Kannepalli sure it's entirely possible to refinance but I'm not so sure that your rate will be that much different.  You will have to pay closing costs all over again.  On a jumbo loan that will be thousands of dollars.  So your rate will have to justify spending all of that money again.  Get with a lender in your area and see what they have to offer.