30 Year Fixed Mortgage
- Loan amounts up to $417,000 on single family homes, and $533,850 on 2 units.
- 95% financing available on purchase and rate/term refinances.
- Fixed rate of interest for full term of loan.
- Level principal and interest payments for the full term of the loan. (Payments may increase due to an increase in homeowners insurance and property tax)
- No risk that changing market conditions will increase your monthly principal and interest payments.
Best Choice If:
- You plan on staying in the home long-term.
- You think interest rates will increase.
- You don't expect your income to increase significantly over the coming years.
- You end up paying more in interest charges over the life of the loan.
- Cash-out refinances limited to 80% LTV.
- Modifications not permitted.
- Escrow required.