When considering new home financing you have multiple options in choosing a loan type that best suits your needs. Below is a list of popular loan options you should discuss with your loan officer.

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Fixed-Rate Mortgage

Your interest rate remains the same throughout the duration of the loan term.

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Adjustable Rate Mortgage (ARM)

As this loan matures, your interest rate will adjust periodically based on an index which is selected early in the lending process. An ARM carries a lower monthly payment at the beginning of the loan term, making it an attractive option for owners who may not live in the home longer than 5 years.

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Conventional/Conforming Loans

For Washington and Oregon mortgage companies, typical conventional financing is based on a loan limit at or below $453,100 for a Single Family Residence. Other factors, such as credit, assets and income are weighed during the approval process, but the loan amount in most states must not exceed $453,100 for a conventional or conforming loan.

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