Find Hidden Gold
New Loan Limits Create Refinance Opportunities for You!
Find some hidden gold this month! For example, just in time for the holidays, Fannie Mae and Freddie Mac announced a gift to the industry: the conforming loan limit for single-family homes in the continental United States will rise to $417,000 in 2006, an increase of almost 16 percent over the 2005 limit of $359,650.
When loan limits increase, some clients with whom I assisted with mortgage planning in the past may now qualify for loans at lower interest rates if their loan now falls within conforming rather than jumbo loan limits.
This adjustment could mean a significant reduction in your payment. On a 30-year, $417,000 loan at last year’s jumbo rate of 6.375%, a new conforming rate of 6% would mean a $101 difference in payments each month, or more than $1200 a year, without any change in interest rates.
How can you best take advantage of this information? Well, The Mortgage Pro gift-wraps it for you! With one phone call to my office (213-700-1968) the power of this savings can be analyzed for you.
Find some hidden gold this month! For example, just in time for the holidays, Fannie Mae and Freddie Mac announced a gift to the industry: the conforming loan limit for single-family homes in the continental United States will rise to $417,000 in 2006, an increase of almost 16 percent over the 2005 limit of $359,650.
When loan limits increase, some clients with whom I assisted with mortgage planning in the past may now qualify for loans at lower interest rates if their loan now falls within conforming rather than jumbo loan limits.
This adjustment could mean a significant reduction in your payment. On a 30-year, $417,000 loan at last year’s jumbo rate of 6.375%, a new conforming rate of 6% would mean a $101 difference in payments each month, or more than $1200 a year, without any change in interest rates.
How can you best take advantage of this information? Well, The Mortgage Pro gift-wraps it for you! With one phone call to my office (213-700-1968) the power of this savings can be analyzed for you.
posted by The Mortgage PRO! @ 3:00 PM
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