Applied Wholesale Mortgage - What loan is best for me?


	What loan is best for me?
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What loan is best for me?

just use our easy to follow guide.

Key Factors in your decision:

Monthly payment: Each program has a different interest rate, which determines your monthly payment. A lower monthly payment allows you to qualify for a larger loan.
Rate stability: Will the interest rate change in the future, making your payment amount change. Can your finances handle an increased monthly payment?
Term of loan: How long is the loan for? Shorter terms mean higher payments. It also means you build equity faster, pay less interest long term and payoff the loan sooner.
Sell or Refinance: Will you sell or refinance in the next few years? You may not need to have fixed rates for 30 years if you plan to sell in 4.

Fixed Rate Loans | Adjustable Rate Loans | Balloon Mortgages | Loan Limits

Fixed-Rate Loans

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Advantage: Interest rate and monthly payment do not change.

Drawback: Interest rate and monthly payment are higher that other loan programs. If you sell or refinance within 7 years you are paying a higher interest rate for security that you won't use.

Recommendation: A good program if the owner does not plan to move or refinance for more than 7 years. A good choice if rates are historically very low.

Fixed Rate Loans | Adjustable Rate Loans | Balloon Mortgages | Loan Limits

Adjustable-Rate Loans

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Advantage: Interest rate and monthly payment start lower than Fixed Rate loans and remain fixed during the initial 1, 3, 5 or 7 years. Loan term is 30 years.

Drawback: Interest rate and monthly payment change based on market rates after the initial 1, 3, 5 or 7 years. Rate can increase by up to 6% after initial fixed period.

Recommendation: A good program if you plan on selling or refinancing within 2 years after the fixed period ends.

Fixed Rate Loans | Adjustable Rate Loans | Balloon Mortgages | Loan Limits

Balloon Mortgages

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Advantage: Interest rate and monthly payment start lower than Fixed Rate loans and remain fixed during the initial 5 or 7 years. Loan term is 30 years.

Drawback: The remaining balance is due after the initial 5 or 7 years.

Recommendation: A good program if you plan on selling or refinancing before the initial period ends.

Fixed Rate Loans | Adjustable Rate Loans | Balloon Mortgages | Loan Limits

Conforming vs. Jumbo loan limits


# of Units	Conforming (HI and AK)	Jumbo (HI and AK)
1-Family Home	$252,700 ($379,050)	$252,701 and up ($379,051)
2-Family Home (duplex)	$323,400 ($485,100)	$323,401 and up ($485,101)
3-Family Home	$390,900 ($586,350)	$390,901 and up ($586,351)
4-Family Home	$485,800 ($728,700)	$485,801 and up ($728,701)

It's simple.

It's guaranteed...

The way a loan should be.