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| Fixed Rate Mortgages- 50, 40, 30, 20, 15, 10 year fixed |
| Adjustable Rate Mortgages- 10, 7, 5, 3, 2, 1 year, 6 month |
| Balloon Mortgages- 30, 15, 10, 5, 3 year |
| Home Equity Line of Credit |
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Fixed Rate Mortgages- 50, 40, 30, 20, 15, 10 year fixed
Monthly payments are fixed over the life of the loan
Interest rate does not change
Usually higher interest rate then an Adjustable Rate Mortgage (ARM)
Can be a first or second mortgage
Term: 30 years
Maximum Amount: $417,000
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| | A fixed rate mortgage is conforming or a jumbo. |
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Adjustable Rate Mortgages- 10, 7, 5, 3, 2, 1 year, 6 month
Lower initial monthly payment
Rates and payments adjusts when rates change
More risk
Term: 30 years
Maximum Amount: $417,000
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| | An ARM can be conforming or jumbo. |
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Balloon Mortgages- 30, 15, 10, 5, 3 year
Payment is amortized over a certain amount of years,
comes due sooner
Usually a second mortgage or land loan
Term: 12 years
Maximum Amount: $417,000
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| | A balloon mortgage can be conforming or jumbo. |
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Home Equity Line of Credit
Comparable to a credit card, you only borrower what you need
Pay interest only on the amount you have borrowed
Rates can adjust with Prime
Term: 30 years
Maximum Amount: $417,000
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| | A HELOC can be conforming or jumbo. |
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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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