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Standard home loans for all standard borrowers. These loans typically have an MIP/PMI (mortgage insurance provided/required by the lender) up until 80% of loan to value is met. MIP/PMI may be annulled through a refinance once the loan to value ratio has hit 80%, MIP/PMI is for the life of the loan otherwise.
What type of Rate & Term?
Fixed Rate Mortgages – Generally have a higher standard interest rate, however this rate is locked in for the life of the loan. These rates are only subject to change if the borrower refinances to a different loan type or rate. The borrower may see changes in their payment amount due to county taxes issued by the city/state in which they reside, not the mortgage lender as the rate stays the same for the life of the loan.
Adjustable Rate Mortgages – Generally ARMs are a lower rate than fixed but has an initial period where the rate can not adjust. Typical arm rates are a 3/1 or 5/1 arm, this meaning the initial rate is locked in for the first 3-5 years. After the initial rate period the interest rate my adjust up to 1% per calendar year. .
30 or 15 year?
A 30-year mortgage is the most common term rate. This means you’ll be paying off your mortgage over a period of 30-year or 360 month term. This helps keep mortgage costs down. principle monthly and less towards interest.
Those with a lower mortgage amount or higher income enjoy to double-down and pay off the full mortgage amount in half the time at 15-years. This allows borrowers to pay off their home in less time and pay less interest for the life of the loan. principle monthly and less towards interest.