Conventional High-Balance Rate-and-Term Refinance
- Quick Facts
- Pros & Cons
- Occupancy & Property Type
- Income & Purchase Price Limits
- Key Features & Conditions
- Other Limitations
- Mortgage Insurance & Fees
- Similar Loan Programs
- Related Resources
As of 2023, there are 161 US Counties considered "high cost" that have varying loan amount limits greater than the normal $726,200 for conventional rate-and-term refinance loans. If you live in one of these counties, your refinance amount exceeds that limit, AND you are looking to reduce your interest rate or change your loan term (30 to 15 year?) this will be one of your best options.
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Conventional High-Balance Rate-and-Term Refinance
Min. Credit Score
Max Loan Amount
$726,525 - $1,089,300
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Generally easier to qualify for than a jumbo refinance and has lower rates
- Loan amounts limits are higher than standard conventional refinance limits
- Loans often processed quickly with less “red tape”
- Higher income/assets requirements
- Higher equity requirements than some other programs
- Conventional high-cost loan limits still may disqualify many borrowers who are seeking larger refinance amounts
Conventional High-Balance Rate-and-Term Refinances are available in 18 states, Washington D.C. and the U.S. Virgin Islands.
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“High-balance refinances really come in handy in higher-priced areas. They offer an attractive alternative to jumbo loans, mostly because they are generally easier to qualify for and often have a lower interest rate"
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Purchase Price Limit
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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- Mortgage insurance not required with more than 20% equity in your home
- Also available for refinancing second homes and investment properties
- Offers 15 & 30 year loan terms, as well as adjustable-rate options
- Private mortgage insurance is not required if you have 20% or more equity in your home
- Any loan amounts exceeding the loan limits of the high-balance program are considered "non-conforming" loans, such as jumbo, portfolio, and hard money loans
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required with less than 20% Down PaymentType: Private Mortgage Insurance (PMI)
This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
CHOICERenovation® High-Balance Refinance
Best For: Large Loan Amounts, Home Renovations
Refinance above the conforming loan limits with funds for home improvements and repairs with this convenient and flexible renovation loan program.
Conventional Rate-and-Term Refinance
Best For: Flexible Terms, Rate Reduction, Easy Process
Popular refinancing option for loan amounts under the conforming loan limit. Flexible qualification and attractive benefits to qualified homeowners.
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Visit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
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