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| 30 year fixed |
| 15 year fixed |
| Interest Only |
| 10/1 ARM |
| 7/1 ARM |
| 5/1 ARM |
| 3/1 ARM |
| 1 year ARM |
| 6 month ARM |
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30 year fixed
A fixed rate which is amortized over 360 months.
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15 year fixed
A fixed rate amortized over 180 months
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Interest Only
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Interest only loans simply mean that eliminate the monthly principle payment. The borrower always has the option to make the principle payment as well but is not required to. This product is becoming very popular in the market place as it gives the borrower more control of where they are investing their capital. Some borrowers would rather apply that money towards a long term investment account which may yield more than the interest they are paying towards their home loan.
This product is offered on the Neg Am. ARM's, 3/1, 5/1, 7/1 and 10/1 ARMs as well as the 30 year fixed loan.
Term: 30 years |
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10/1 ARM
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An initial fixed rate of 120 months which rolls into an 1 year adjustable rate for the remainder of the term.
Term: 30 years |
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7/1 ARM
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A fixed rate for the first 7 years which rolls into a 1 year adjustable month 84.
Term: 30 years |
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5/1 ARM
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A fixed rate for 60 months which rolls into a 1 year adjustable month 60.
Term: 30 years |
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3/1 ARM
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A fixed rate for the first 3 years which rolls into a 1 year adjustable month 36.
Term: 30 years |
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1 year ARM
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An adjustable rate loan which adjusts annually.
Term: 30 years |
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6 month ARM
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An adjustable rate mortgage that adjusts every bi-annually.
Term: 30 years |
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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 $333,700 with closing costs of $6,674. 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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