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| 30 year Fixed Mortgage |
| 20 Year Fixed Mortgage |
| 15 Year Fixed Mortgage |
| 10 Year Fixed Mortgage |
| 7 Year Arm Adjustable Mortgage |
| 5 Year Arm Adjustable Mortgage |
| 30 Year Fixed FHA Mortgage |
| 30 Year Jumbo Mortgage |
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30 year Fixed Mortgage
Term: 30 years
Maximum Amount: $417,000
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A 30 year fixed mortgage is one of the safest products on the market. If you live in your dream home or are getting ready to buy it, this program might be best for you. |
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20 Year Fixed Mortgage
Term: 20 years
Maximum Amount: $417,000
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This mortgage is one of the safest mortgages for someone that is looking to pay off the mortgage in a shorter period. It somtimes will allow you a better rate then a 30 year fixed mortgage but the payments are higher since it will be paid off 10 years earlier. |
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15 Year Fixed Mortgage
Term: 15 years
Maximum Amount: $417,000
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A 15 year fixed mortgage give you the benefits of a lower rate in most cases and paying your loan off in half the time of a 30 year mortgage. It is also one of the most popular options for people that have owned their home for a while and are looking to refinance. |
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10 Year Fixed Mortgage
Term: 10 years
Maximum Amount: $417,000
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A 10 year mortgage will in most cases give you a better rate then a 15, 20 or 30 year mortgage and is one of the more popular options for people that have owned their home for a while, want to take advantage of a low rate and do not want to add any years on the term of their current mortgage. |
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7 Year Arm Adjustable Mortgage
Term: 30 years
Maximum Amount: $417,000
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A 7 year arm is a loan that stays constant for the first seven years or 84 months. It then can adjust each year up or down depending on the current market conditions. I arm loan is normally for someone that is almost 100% sure they will not own their home in seven years and will have equity in their home even in a bad market. |
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5 Year Arm Adjustable Mortgage
Term: 30 years
Maximum Amount: $417,000
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A five year arm will have a lower rate then many products but brings with it the risk of the adjustments after 5 years or 60 months. This loan would be best for someone putting money down that is sure they will not be keeping the home for more then 5 years. |
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30 Year Fixed FHA Mortgage
Term: 30 years
Maximum Amount: $365,000
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A FHA 30 year fixed mortgage is designed for home owners that do not have enough money for a substantial down payment but do have enough money to make a monthly mortgage payment. FHA is looking for 3% down of the buyers money or a gift from a relative or 3% for the down payment. It is an assumable mortgage which could give some benefits when selling and will have a rate just a little bit higher then a 20% down 30 year fixed mortgage in most cases. FHA is more tolerant of lower credit scores. |
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30 Year Jumbo Mortgage
Term: 30 years
Maximum Amount: $1,000,000
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A 30 year fixed jumbo mortgage will be a mortgage over $417,000. Many lenders keep this type of loan in their portfolio and it is not purchased by Freddie Mac or Fannie Mae. The rates on a jumbo loan in most cases will be at least 1% higher then the rates on a conventional mortgage under $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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