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