What options do I have to refi 700k?

Current rate is 4.75%.  We were thinking of refi because we have heard "rates are so low."  But I believe they lowered the limit to $625,000.  Haven't looked around yet, but thought we would ask here to see what peoples thoughts were since there are some mortgage pro's on here.

Your options are limited.

1) Jumbo financing: 4.5-4.25 best case scenario with fees.
2) FHA 15 year fixed financing, providing you've got 22% equity: 3.5% or lower. Why 22% equity? You avoid MI.
3) $625,500 1st TD - 4.125% or so, with a 2nd TD, providing you've got 80% equity for the most part. Some will go higher on the Combined Loan To Value.

Kinecta FCU has a 1st/2nd combo loan that's pretty aggressive. We don't offer the product, but quite a few mortgage bankers do. New American Funding is one, or just go direct to the credit union to get the loan. I can refer you to someone at NAF if preferred. PM for details.

My .02c

Soylent Green Is People

Im in a similar situation to the OP. I could come up with the money to bring the principle down to conforming but that would leave me with maybe a 1 month emergency fund. It would also set back other savings goals (college, retirement) for a couple years, though those are are about 15 and 30 years away. I know there's no right answer, but what would you do?

It will take 45 days to process your refinance, more or less. In that time can you rebuild your emergency cash?

My .02c