2.49% Jumbo 30-Year Fixed, 1.375% Points

A note from someone whom I trust and know very well: His adjustable mortgage rate was rising due to inflation. He refinanced his $1.5M jumbo loan at a fixed rate of 2.49% with 1.375% points.

This seemed to be a very good rate so I decided I would mention that bank, Ally Bank. One problem: He had to fill out more paperwork for each asset than he ever submitted before. This was despite having good credit and a low loan-to value ratio. It was more trouble than it seemed, but it turned out to be a very good deal.

The bank and others did not pay me for this article, nor asked me for it. Instead, I passed it along because I thought it might be useful to some of my readers.