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Fixed Rates.

The Fixed Rate mortgage is the most popular home loan originated in today?s market. This type of mortgage provides a consumer with a guarantee of a fixed rate and a consistent monthly payment for the entire fixed period of the loan. The most common terms are 15 and 30 years with many lenders offering terms ranging from 10-40 years.  Overall, fixed rate mortgages provide a number of benefits over adjustable rates including:

Long Term Security
Consistent Monthly Payments
Automatic Principal Reduction
Most Flexible Down Payment Requirements

It?s interesting to note that traditional fixed rate home loans amortize much different than many people expect.  During the early years, a greater percentage of your payment will be applied to interest therefore many homeowners do not see a substantial reduction in equity until 5 or 10 years into the note (assuming a 30 year mortgage).  A popular option for consumers to build equity faster is to enroll in a bi-weekly mortgage payment plan which accelerates your principal payments greatly. In fact, for most homeowners it can turn a 30 year mortgage into a 20 year mortgage.

 

 
conforming loan limits

Every year, new loan limits are announced for home loans which may be purchased by the Federal National Mortgage Association (FNMA, or Fannie Mae) and the Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac).  As announced on November 29, 2005, the conforming loan limits for 2006 according to the subject property's type are as follows:

  • 1 Family     -     $417,000 (up from $359,650)

  • 2 Family     -     $533,850 (up from $460,400)

  • 3 Family     -     $643,500 (up from $556,500)

  • 4 Family     -     $801,950 (up from $691,600)

 
 
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