Did you purchase your home several years ago with a Jumbo Mortgage? If your answer is yes, you should seriously consider refinancing. The 2006 conforming loan limit has allowed many homeowners to qualify for traditional financing, saving them thousands of dollars in the process, and you can too. Here is what you need to know about losing your Jumbo mortgage loan.

There are two organizations in the United States that regulate the mortgage industry. These organizations, Freddie Mac and Fannie Mae, set the upper limit for conventional mortgage lending. This limit is known as the conforming limit and if the home you are purchasing is over the limit many mortgage lenders will not approve your application. In the past homebuyers over this limit had to seek non-traditional financing in the form of Jumbo mortgages at a premium cost.

In 2006 the conforming limit was raised to $417,000 in the continental United States. This is a significant increase over prior years; if your Jumbo mortgage is less than $417,000 you should refinance as you will now qualify for a traditional mortgage loan. It is true that mortgage interest rates have been rising at the hand of the Federal Reserve; however, you can still find good deals if you take the time to do your homework and research mortgage lenders. You can learn more about your mortgage options, including strategies to find the best mortgage by registering for a free mortgage guidebook.