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| Conforming Fixed Rate |
| Non-Conforming / Jumbo Loans |
| Government Loans: FHA, VA, USDA |
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Conforming Fixed Rate
This is the safest and most common mortgage that we offer. The interest rate is fixed for the life of the loan. We offer 10, 15, 20, 25, 30, and even 40 year fixed rate mortgages. Typically, the longer the term, the higher the interest rate, BUT the lower your monthly mortgage payment.
Term: 30 years
Maximum Amount: $417,000
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Non-Conforming / Jumbo Loans
This is typically for loan amounts greater than $417,000 and less than $1 Million. The rates on these loans are slightly higher than conforming loans. We offer these loans in fixed rate mortgages, and adjustable rate mortgages.
Fixed rate loans are the safest since the interest rate is fixed for the life of the loan. Adjustable Rate Mortgages (ARM's) are only fixed for a period of time, then may adjust annually for the remaining life of the loan. ARM's typically will give you a lower interest rate and payment compared to a fixed rate loan for the first 3, 5, or 7 years, but then may adjust upward.
Please discuss your goals with your mortgage consultant so that he/she may help guide you into the perfect loan for your situation.
Term: 30 years
Maximum Amount: $1,000,000
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Government Loans: FHA, VA, USDA
Government loans, especially FHA mortgages, have become much more consumer friendly. It is easier to qualify than in the past. You do not need to be a first time homebuyer to qualify!
Many programs do have maximum loan amounts, but even those are being expanded to include more buyers now than ever.
The majority of government loans are fixed rate products...15 and 30 year terms are the most popular.
Term: 30 years
Maximum Amount: $417,000
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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