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| Conventional Fixed Rate Loan Programs |
| Conventional Adjustable Rate Mortgages |
| FHA and VA Mortgages |
| Jumbo Loans |
| Swing/Bridge Loans |
| Home Equity Loan |
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Conventional Fixed Rate Loan Programs
Fixed Rate Mortgage – A Mortgage rate that is fixed throughout the entire term of the loan. Terms can be set from 10-40 years.
Term: 30 years
Maximum Amount: $417,000
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Conventional Adjustable Rate Mortgages
Adjustable Rate Mortgage – Mortgages in which the loan rate changes during the life of the loan, usually at one, three, and five-year intervals. Any changes are governed by the movement of an index such as Treasury Bills, Treasury Securities index or national or regional average of funds index.
The initial rate is fixed for an introductory period (usually one to ten years), and is typically lower than for a fixed –rate mortgage. After that, the rate adjusts annually based on a market index, but can’t go above a predetermined adjustment cap. Because of the lower initial rate, some borrowers may be eligible for a larger loan amount with an ARM than with a fixed-rate mortgage.
Term: 30 years
Maximum Amount: $417,000
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FHA and VA Mortgages
Government Loan Programs
A mortgage loan that is insured or guaranteed by a federal government entity such as the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), or the Rural Housing Services (RHS).
Examples of our Government Loan Programs include:
FHA – Ideal for the first time homebuyers with low to moderate income. Government insures loans, backed by the FHA requiring a smaller down payment. The interest rates are typically lower. FHA offers both fixed and adjustable rate mortgages.
VA – You must be a qualified veteran. Government insured loans, backed by the Department of Veterans Affairs typically requiring no down payment. Interest rates are usually lower.
Term: 30 years
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| | Loan amounts for FHA mortgages are limited by the county the property is located in. Your home loan advisor will be able to give you this information.
Loan amounts for VA mortgages are determined by the amount of entitlement that the veteran has available to them. |
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Jumbo Loans
Jumbo Loan
Loan amounts in excess of the conforming loan limits. These loan limits are adjusted annually. Interest rates are typically higher for these loans.
Term: 30 years
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Swing/Bridge Loans
Swing/Bridge Loan
A swing loan enables you to borrow money against the equity you have built up in your home for the purchase of another home.
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Home Equity Loan
Home Equity Loan
A home equity loan enables you to borrow money against the equity you have built up in your home.
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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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