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| Fixed Rate Mortgages |
| Adjustable Rate Loans |
| Interest Only Mortgages |
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Fixed Rate Mortgages
Fixed rate, fixed payment mortgages covering terms from 10 to 40 years
Term: 30 years
Maximum Amount: $3,000,000
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Adjustable Rate Loans
A loan for which the interest rate is adjusted periodically based on a preselected index. Thus, interest rate and payments rise and fall with the market.
Most adjustable rate programs include terms which allow for the rate to remain FIXED for the initial years of the loan. Programs include 3-1, 5-1, 7-1, and 10-1 ARM's which are usualy 30 year loans where the interest rate is initialy fixed for 3, 5, 7, or 10 years before the rate & payment adjustments begin. These programs are ideal for those looking for a lower payment and expect to either move or refinance after the initial fixed term is over.
Term: 30 years
Maximum Amount: $3,000,000
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Interest Only Mortgages
Interest Only loans allow a borrower to pay only the interest on their loan during the early years of their loan which is usually 5 or 10 years. A borrower is allowed to make additional payments to reduce the loan amount. An additional payment will immediately reduce the future payment required on the loan. This is very different from an amortizing (regular) loan where the payment would remain the same and the date the loan would pay-off would be sooner.
After the initial interest only period, the loan payment usually increases quite a bit because the loan payments will now amortize over a shorter period of time. Although these loans received some negative press they are useful and valuable for some borrowers. Make sure to speak with your mortgage advisor about the way an interest only loan will work and how the payments can change to see if this option is right for you.
Term: 30 years
Maximum Amount: $3,000,000
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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 $730,000 with closing costs of $14,600. Your actual APR may be different depending upon these factors.
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