Take Advantage of 2023 Conforming Loan Limits Now
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Plan your budget with a consistent mortgage payment at a low rate that will stay the same through the life of your loan.
Common types of fixed rate mortgages
The 15-year mortgage
You will pay less in interest. If you borrow $100,000 to purchase a home at a 4% interest rate, paying over a longer period of time will mean more interest on the money borrowed. So, a 15-year mortgage can significantly cut down on the interest that you pay. Add to that the lower interest rates that are often available for 15-year mortgages and you could have some big savings available.
Your monthly payment will likely be higher. Even with the lower interest rate, you will probably have a slightly higher payment with a 15-year mortgage. This happens because you are paying more towards principal from the beginning. But, you will be mortgage-free in half the time, which is no small feat.
The 30-year mortgage
You will pay more in interest. Longer mortgage means more interest charged. This is how banks and other lenders make their money. They loan you, the borrower, money and collect their interest over the 15 or 30 years it takes you to pay them back.
Your monthly payment will likely be lower. Because you are spreading out your payments over a longer period of time, they will almost always be lower with a 30-year mortgage. If your monthly budget is tight, this may be a better way to go.
How it Works
- Monthly payments are based on interest rate, principal loan amount, and amortized interest over 30 years. With a Fixed Rate Mortgage, your interest rate will never change, even if market rates increase!
- Your payment will not change throughout the life of the loan.
- Your actual payment will vary based on your situation and the current interest rates when you apply.
- Pay your mortgage off at any time without pre-payment penalties.
Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.
CONVENTIONAL LOAN PRODUCTS
ELITE
The obvious choice for top-tier borrowers! Comprised of some of the best conventional rates and pricing in the industry, Our Elite program allows you to close quickly:
- 700+ FICO, up to 80% LTV
- Loan amounts from $125,000 up to county loan limits
- Eligible for primary, second and investment homes
- Appraisal Waivers honored
- Includes conventional and high balance
- Available on single- and multi-wide, condos and PUDs
ELITE M.I.
Elite M.I. combines the cheapest lender-paid mortgage insurance in the industry with some of the lowest borrower-paid pricing, which means you only have to go one place to deliver a lower payment if you’re a 640+ FICO borrower. And since we are delegated with the M.I. companies, you’ll save 3 – 7 days on every loan by eliminating the second underwrite with no overlays.
- Among the lowest mortgage insurance rates in the industry
- Instant M.I. saves 3-7 days on the loan process
- No overlays
- No adjustments for DTI or number of borrowers
- Starts at 640 FICO
- Close most loans in 19 days or less
FLEX TERM
Customize the perfect loan without resetting the mortgage clock! Flex Term provides borrowers with flexible options to select their amortization term.
- Available on conventional, FHA and VA loan products
- Terms available from 8 – 30 years
HIGH BALANCE
Time is of the essence with every borrower. Don’t wait and shop around – we give you the most competitive rates and close their high balance loan in record time!
- Loan amounts from $647,200 up to county loan limit
- LTV’s as high as 90%
- 640+ FICO
- Close most loans in 19 days or less by triggering the CD at initial underwrite
MI BUSTER
Our exclusive product that eliminates monthly mortgage insurance on loans with a higher LTV.
- Conventional 30-year fixed only; Flex Term not available
- Available for primary and second home purchases and rate/term refinances
- LTV between 80.01 and 89.99%
- Up to 45% DTI
- 680+ FICO
- Loan amounts starting at $200,000
- MI Buster High Balance available for loan amounts over the county loan limits
HOMEONE
Qualify more first-time homebuyers with this 3% down payment solution.
- Purchases up to 97% LTV
- No income restrictions
- Available in all geographic locations
- Eligible for single family homes, including townhouses and condos
- At least one borrower must be a first time homebuyer
- LPA only
- Close most loans in 19 days or less by triggering the CD at initial underwrite
- Available on single- and multi-wide, condos and PUDs for Manufactured Homes with LTV up to 95%
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Purchases up to 97% including First Time Home Buyers
- Refinances serviced by FNMA eligible up to 97% LTV
- Reduced Mortgage Insurance
- High Balance available
- Income up to 80% of the Area Median Income.
- Gift funds eligible for entire down payment
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Close most loans in 19 days or less by triggering the CD at initial underwrite
- Up to 97% LTV
- 640+ FICO
- First time homebuyers, move-up borrowers and retirees
- Refinances up to 97% LTV, regardless of current mortgage program
- High Balance available
- Income up to 80% of the AMI
- Available on condos and PUDs
- Close most loans in 19 days or less by triggering the CD at initial underwrite
