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TYPES OF LOANS

30 Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

15 Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Adjustable Rate Mortgages (ARMs) available as 3/1 ARM, 5/1 ARM, 7/1 ARM
These increasingly popular ARMs—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

Jumbo and Super Jumbo Mortgages
A mortgage is considered a jumbo if it exceeds what is known as the conforming mortgage limit. The current conforming limit for a single-family home is $417,000 for all states except for Hawaii and Alaska, where it is $625,500. However, if you live in a federally designated high-priced market, there are conforming high balance limits available for certain programs. These mortgages have higher interest rates and stricter underwriting requirements than standard conforming loans, but are generally priced lower than jumbo mortgages. Also, limits may differ on multi-unit properties.

Home Affordable Refinance Program  (HARP)                                                                                    If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage.

HARP ELIGIBILITY

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.

  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.

  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.

  • The current loan-to-value (LTV) ratio must be greater than 80%.

  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

If your loan is owned by Freddie Mac, to check your eligibility for HARP Click Here

If your loan is owned by Fannie Mae, to check your eligibility for HARP Click Here

 

YOUR HOME MORTGAGE PARTNER

MC Financial, Inc
7315 Wisconsin Avenue Suite 400W, Bethesda, MD  20814
Office:  (800) 990-2789
Fax:  (202) 350-9500
info@mcfinc.com
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