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| 30 Yr Fixed Rate |
| 15 Yr Fixed Rate |
| 3 Yr ARM |
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30 Yr Fixed Rate
The 30 Yr fixed rate mortgage is one of the more popular products this allows for the largest financing period on a conventional mortgage. Usually allows more flexabilaty for the customer allowing them to purchase a more expensive home.
Term: 30 years
Maximum Amount: $417,000
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15 Yr Fixed Rate
15 Yr fixed rate mortgage if the customer can afford this product it allows for a higher payment but the interest rate will be better than the 30 yr fixed rate. Which means you will pay less in interest.
Term: 15 years
Maximum Amount: $417,000
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3 Yr ARM
ARM stands for Adjustable Rate Mortgage. An ARM usually has a lower payment because the interductory rate for an ARM is normally lower than your typical fixed rate products.
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 $1,500,000 with closing costs of $30,000. Your actual APR may be different depending upon these factors.
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