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| 30-Year Fixed Rate Mortgage |
| 15 Year Fixed Rate Loan |
| 5/1 Jumbo Arm |
| 3, 5, and 7 year Balloons |
| Interest Only Mortgage |
Rates last updated on Wednesday, March 18, 2009
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30-Year Fixed Rate Mortgage
Rate is fixed for the life of the loan and payments are made over 360 months.
Term: 30 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 4.875% | 0% | 5.007% |
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15 Year Fixed Rate Loan
Rates are fixed for life of the loan and payments are amortized over 180 months.
Term: 15 years
Maximum Amount: $417,000
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| Rates | Points | APR |
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| 4.5% | 0% | 4.727% |
| | Compass Financial also offers a 10 year fixed rate loan. |
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5/1 Jumbo Arm
This is a Jumbo adjustable loan with a fixed rate for the first five years of the loan. This is currently one of the best Jumbo products on the market. Jumbo loans are any loan amounts over 417,000 dollars.
Term: 30 years
Maximum Amount: $1,500,000
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| Rates | Points | APR |
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| 5.25% | 0% | 4.752% |
| | Also available in 3, 5, 7 and 10 year products. |
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3, 5, and 7 year Balloons
Lower start rate for the first 3,5, or 7 years depending on program becasue borrower is taking some of the interest rate risk away from lender. When the loan comes due in 3,5, or 7 years the rate is re-cast to current rates and loan is re-amortized. Great product for someone who is moving into a house for a short period of time.
Term: 30 years
Maximum Amount: $417,000
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Interest Only Mortgage
Borrower typically pays monthly interest due on the loan with no principal reduction. Interest only loans usually run for 10 years and then the loan is re-amortized to pay off in the next 20 years. Payment is calcualted by mutliplying the principal balance by the rate and then dividing by 12 months. Interest only loans are typically used for Home Equity Lines of Credit and in some cases fixed rate mortgages. Interest loans used to be very common on first mortgages but due to current market trends very few lenders offer the option to borrower becasue of the associated risk of not paying down the loan for the first 10 years.
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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