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| 30 YEAR FIXED RATE MORTGAGE |
| FHA FIXED RATE LOANS |
| ADJUSTABLE RATE LOANS (ARM'S) |
| JUMBO LOAN PRODUCTS |
Rates last updated on Wednesday, September 15, 2010
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30 YEAR FIXED RATE MORTGAGE
A fixed-rate mortgage means the interest rate and principal payments remain the same for the entire life of the loan. (Taxes, of course, may change.)
Advantages: Consistent principal and interest payments make this loan stable your rate won’t change, a good choice if you’re likely to stay in this house for a long time.
Disadvantages: May cost you more — these loans are usually priced higher than an adjustable-rate mortgage. If rates in the current market are high, you’re likely to get a better price with an adjustable-rate loan.
*A 30 Year Fixed-Rate Mortgage offers consistent monthly payments for the entire 30 years you have the mortgage. So if the market is good, you can benefit from locking in a lower rate for the full term of the loan. The best choice if you’re looking for a long-term, stable loan — for instance, if you’re planning on staying in your house for some time.
*Requires minimum of 5% down payment.
*Fixed principal and interest payment over the life of the loan.
*Owner-occupied primary residence, second home, investment property, 1-4 unit properties.
*Conforming loan amounts to $417,000.
*minimum loan amount $40,000.
*Restrictions apply. Program terms are subject to change
Term: 30 years
Maximum Amount: $417,000
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| | You may also want to consider a shorter term to reduce the rate of interest and the total amount of interest paid over the life of the loan. See 20 year or 15 year fixed rate loans.
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FHA FIXED RATE LOANS
There are lots of reasons to utilize an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Why not take advantage of the many benefits and protections that only come with FHA:
Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.
Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.
Low Downpayment - We have a low 3% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don't allow this.
*FHA loan limits vary by county, please call for the loan limit in your area.
Term: 30 years
Maximum Amount: $200,160
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ADJUSTABLE RATE LOANS (ARM'S)
*A 5/1 Adjustable-Rate Mortgage means the initial rate remains fixed for the first five years of repayment, and then adjusts every year thereafter. Remember that your rate and monthly payments may go up after only five years, so this choice is best if you're expecting to sell or refinance the property within that period.
*With a 3/1 Adjustable-Rate Mortgage, you'll have three years at the initial fixed-rate, then the rate adjusts every year for the remaining life of the loan. A good choice if you expect to move or refinance in a relatively short period of time. But a much shorter fixed-rate period means your interest rate (and therefore monthly payments) may begin to fluctuate after three years.
Contact one of our friendly staff members to discuss if an ARM is right for you.
Rate displayed in conjunction with Adjustable Rate Loans is for the 5/1 ARM product only. For other ARM pricing please call.
Term: 30 years
Maximum Amount: $417,000
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JUMBO LOAN PRODUCTS
Loans for more than $417,000.00 are called jumbo or non-conforming loans. They exceed the loan amounts allowed by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) — two government-sponsored enterprises that help facilitate the availability of home loans by investing throughout the country. 1st Monarch offers a wide variety of Jumbo Loan products, call one of our friendly staff for details.
Note: Non-conforming loans typically have a higher rate and different requirements for your down payment.
Please call for program specific pricing.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $200,000 with closing costs of $3,985. Jumbo Loans (whose maximum loan amount exceed $424,100 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,001 with closing costs of $6,555. Your actual APR may be different depending upon these factors.
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