How to Refinance Your Jumbo Mortgage in South Carolina

If you’re a South Carolina homeowner with a high-value property, chances are you’re familiar with jumbo home loans. These specialized mortgage loans exceed conforming loan limits and often come with unique refinancing considerations. At BrickWood Mortgage Inc, we understand the complexities of refinancing jumbo loans and are here to guide you through every step of the process.

Whether you’re looking to lower your monthly payments, secure a better interest rate, or tap into your home’s equity, refinancing your jumbo mortgage can be a powerful financial move.

What is a Jumbo Home Loan?

A jumbo mortgage is a type of home loan that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. In 2025, the conforming loan limit for most counties is $766,550. If your mortgage amount is above that threshold, it’s considered a jumbo loan.

Jumbo loans are common in high-cost areas of South Carolina, such as Charleston, Hilton Head, or parts of Myrtle Beach. These loans often have stricter underwriting requirements because they represent a higher risk for lenders.

Why Refinance a Jumbo Mortgage?

There are several compelling reasons to refinance a jumbo mortgage in South Carolina:

1. Lower Interest Rates

Interest rates fluctuate, and if you secured your jumbo loan during a period of higher rates, you could refinance into a lower rate and reduce your monthly payment significantly.

2. Change Your Loan Term

Want to pay off your mortgage faster? Refinancing into a shorter term, such as from a 30-year to a 15-year loan, can save you thousands in interest over time.

3. Switch Loan Types

Some homeowners choose to refinance from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage for more predictable payments.

4. Access Home Equity

If your property has increased in value, you can access some of your home’s equity through a cash-out refinance to fund renovations, investments, or other financial goals.

Steps to Refinance Your Jumbo Mortgage in South Carolina

Step 1: Evaluate Your Goals

Before refinancing, identify your reasons for doing so. Is it to reduce monthly payments, pay off your home sooner, or take cash out? Your goal will influence the loan program that’s best for you.

Step 2: Check Your Credit Score

Because jumbo loans represent a higher lending risk, most lenders require a strong credit profile. Aim for a credit score of at least 700, although higher scores will help you qualify for better rates.

Step 3: Gather Documentation

Prepare detailed financial documents, including:

• Proof of income (pay stubs, W-2s, tax returns) 
• Bank and asset statements 
• Mortgage statements 
• Property tax records and insurance 

Step 4: Get a Home Appraisal

Jumbo refinances require a new appraisal to determine the property’s current market value. This ensures the loan amount aligns with the home’s equity.

Step 5: Shop for the Right Lender

Not all lenders offer jumbo refinancing, and terms can vary widely. Work with a trusted local mortgage broker like BrickWood Mortgage Inc to compare options and find the best program.

Step 6: Lock in Your Rate

Once you find a competitive interest rate, your lender can lock it in. Rate locks usually last for 30 to 60 days and protect you from market fluctuations during the closing process.

Step 7: Close the Loan

Once underwriting is complete, you’ll close on the new loan. Funds are used to pay off your existing mortgage, and your new payment schedule begins.

Jumbo Mortgage Loan Programs in South Carolina

At BrickWood Mortgage Inc, we can help you access several mortgage loan programs that cater to homeowners seeking jumbo financing:

• Jumbo Fixed-Rate Mortgages – Stable monthly payments with terms from 15 to 30 years. 
• Adjustable-Rate Mortgages (ARMs) – Lower initial rates with periodic adjustments based on market trends. 
• Cash-Out Refinance Options – Access the equity in your high-value home for major expenses or debt consolidation. 
• Interest-Only Jumbo Loans – Pay interest only for the first few years before the loan fully amortizes (available to qualified borrowers). 

Is Jumbo Mortgage Refinancing Right for You?

Refinancing your jumbo mortgage isn’t always the right move for every homeowner. Here are a few things to consider:

• Closing Costs: Jumbo refinances come with higher closing costs due to the larger loan amount. 
• Loan-to-Value Ratio: Most lenders require a lower loan-to-value (LTV) ratio for jumbo refinances, typically 80% or less. 
• Income Requirements: You’ll need a solid income history and debt-to-income (DTI) ratio, usually below 43%. 

Consulting a local mortgage expert can help you assess your situation and choose the refinancing strategy that best meets your needs.

Why South Carolina Homeowners Rely on BrickWood Mortgage Inc

As a trusted mortgage broker company in South Carolina, BrickWood Mortgage Inc provides tailored guidance and personal service you won’t find with large national lenders. We specialize in helping South Carolina homeowners secure competitive rates on mortgage refinancing and other loan programs.

Our team understands the unique real estate markets in Charleston, Greenville, Columbia, and beyond. Whether you’re looking to refinance a luxury waterfront home or a spacious suburban property, we’re here to simplify the process.

Take the Next Step in Refinancing Your Jumbo Loan with BrickWood Mortgage Inc

Refinancing your jumbo mortgage can unlock significant savings, but the right lender makes all the difference. With interest rates still favorable, now is the perfect time for South Carolina homeowners to reassess their loan terms and explore new opportunities.

Whether you’re seeking a better interest rate, want to switch to a fixed-term loan, or tap into your home equity, BrickWood Mortgage Inc is your local resource for expert guidance and long-term value. From the initial consultation to the final closing, we’re committed to supporting you at every stage.

Ready to refinance? Call us today at (843) 314-4101.