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| 30 Year FIXED Rate |
| 20 Year FIXED Rate |
| 15 Year FIXED Rate |
| 5/1 ARM Rate |
| 7/1 ARM |
| 30 Year FIXED - INTEREST ONLY |
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30 Year FIXED Rate
30 year Fixed Rate : Loan is amortized over 360 monthly payments at a rate that is fixed for that period of time.
Term: 30 years
Maximum Amount: $417,000
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20 Year FIXED Rate
20 year FIXED rate : Loan is amortized over a 240 month term at a Fixed Interest Rate.
Term: 20 years
Maximum Amount: $417,000
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15 Year FIXED Rate
15 Year FIXED Rate : Loan is amortized over 180 months at a FIXED Interest Rate.
Term: 15 years
Maximum Amount: $417,000
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5/1 ARM Rate
5/1 ARM Rate : This is a Hybrid Adjustable Rate loan. Meaning that the Interest Rate is FIXED for the 1st 5 years (60 months) and then if not refinanced during this initial 5 year period, the loan will automatically Convert to a 1 year Adjustable rate for the remaining 25 years of the original 30 year loan term. Initial payment is calculated based upon a 30 year FIXED rate of the initial rate on the 5/1 ARM at the closing of the loan. Borrower may Qualify for the loan based upon the initial start rate during the fixed rate period.
Term: 30 years
Maximum Amount: $417,000
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7/1 ARM
7/1 ARM Rate : This is a Hybrid Adjustable Rate loan. Meaning that the Interest Rate is FIXED for the 1st 7 years (84 months) and then if not refinanced during this initial 7 year period, the loan will automatically Convert to a 1 year Adjustable rate for the remaining 23 years of the original 30 year loan term. Initial payment is calculated based upon a 30 year FIXED rate of the initial rate on the 7/1 ARM at the closing of the loan. Borrower may Qualify for the loan based upon the initial start rate during the fixed rate period.
Term: 30 years
Maximum Amount: $417,000
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30 Year FIXED - INTEREST ONLY
30 Year Fixed Rate - Interest ONLY : This is a FIXED Rate loan, but the payments for the 1st 10 years (120 months) only Require the Interest Only portion. After this initial 10 year term, if there is stall a balance owning on loan, the remaining balance is automatically Converted to a fixed payment amortized over the remaining 20 years of the original 30 year loan term at this same FIXED rate. Interest Rate cannot change thru the 30 year loan term. (*) Downside is that during the interest only period, IF you do not apply extra principal payments to the balance owing, then the borrower is NOT building equity in the form of principal loan reduction because only the interest is being paid monthly. HOWEVER, the borrower has to option of making as much or as little principal reduction during the initial 10 years as they wish, but only have to obligation of the interest only portion. This loan type is for the more experienced borrower who fully understands this loan tool and elects to control their cash flow monthly.
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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