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| 30 year fixed rate |
| 15 year fixed rate |
| 7/1 Fixed/ARM |
| 5/1 Fixed/ARM |
| 3/1 Fixed/ARM |
| 1 year ARM |
| Jumbo 30 year fixed rate |
| Jumbo 15 Year fixed |
| Jumbo 5/1 Fixed/ARM |
| Jumbo 3/1 Fixed/ARM |
| Jumbo 1 year ARM |
| Interest Only ARM |
| Interest Only Fixed Rate |
| Conforming Jumbo |
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30 year fixed rate
A traditional fixed interest rate, fixed payment loan offering the long term security of knowing that your rate and payment will not change. The interest rate and monthly payment are permanently fixed and calculated to repay the principal and interest entirely by the end of the loan term.
Term: 30 years
Maximum Amount: $417,000
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15 year fixed rate
A traditional fixed interest rate and fixed payment loan designed to pay-off in only 15 years. The interest rate and monthly payment are permanently fixed and are calculated to repay the principal and interest entirely by the end of the loan term.
Increased monthly payment makes qualifications more difficult.
Term: 15 years
Maximum Amount: $417,000
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7/1 Fixed/ARM
A great alternative to a 30 year fixed rate. Annual interest rate and payment are fixed during the first seven years. After the seventh year the interest rate will adjust annually according to a predetermined combination of index and margin. Lower rates allows for easier qualifications.
Term: 30 years
Maximum Amount: $417,000
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5/1 Fixed/ARM
Another great alternative to a 30 year fixed rate. Annual interest rate and payment are fixed during the first five years. After the fifth year the interest rate will adjust annually according to a predetermined combination of index and margin. Offers tremendous savings compared to a 30 year fixed rate.
Term: 30 years
Maximum Amount: $417,000
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3/1 Fixed/ARM
A great alternative to a one-year adjustable rate mortgage. Annual interest rate and payment are fixed during the first three years. After the third year the interest rate will adjust annually according to a predetermined combination of index and margin. Very low interest and payment allowing qualification based on the starting rate.
Term: 30 years
Maximum Amount: $417,000
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1 year ARM
Interest and payment are fixed for one year. Each year the new interest rate is calculated based upon a predetermined formula combining an index and margin. One-year adjustable rate mortgages have the widest variety of variable options.
Term: 30 years
Maximum Amount: $417,000
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Jumbo 30 year fixed rate
A traditional fixed interest rate, fixed payment loan offering the long term security of knowing that your rate and payment will not change. The interest rate and monthly payment are permanently fixed and are calculated to repay the principal and interest entirely by the end of the loan term.
Jumbo loans are mortgages ranging in amount from $417,001 up to $1,000,000.
Term: 30 years
Maximum Amount: $1,000,000
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Jumbo 15 Year fixed
A traditional fixed interest rate, fixed payment loan offering the long term security of knowing that your rate and payment will not change. The interest rate and monthly payment are permanently fixed and are calculated to repay the principal and interest entirely by the end of the 15th year.
Increased monthly payments makes qualification more difficult. Jumbo loans are mortgages ranging in amount from $417,001 up to $1,000,000.
Term: 30 years
Maximum Amount: $1,000,000
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Jumbo 5/1 Fixed/ARM
A great alternative to a 30 year fixed rate. Annual interest rate and payment are fixed during the first five years. After the fifth year the interest rate will adjust with the market annually. Offers tremendous savings compared to a 30 year fixed rate. Jumbo loans are mortgages ranging in amount from $417,001 up to $1,000,000.
Term: 30 years
Maximum Amount: $1,000,000
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Jumbo 3/1 Fixed/ARM
A great alternative to a 30 year fixed rate. Annual interest rate and payment are fixed during the first three years. After the third year the interest rate will adjust with the market annually. Lower interest rates are in comparison to a shorter term. Jumbo loans are mortgages ranging in amount from $417,001 up to $1,000,000.
Term: 30 years
Maximum Amount: $1,000,000
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Jumbo 1 year ARM
Interest and payment are fixed for one year. Each year the new interest rate is calculated based upon a predetermined formula combining an index and margin. One-year adjustable rate mortgages have the widest variety of variable options. Jumbo loans are for loan amounts ranging from $417,001, up to $1,000,000.
Term: 30 years
Maximum Amount: $1,000,000
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Interest Only ARM
Many adjustable rate mortgages offer the option of Interest Only payments, generally for the first 5-10 years of the mortgage. An Interest Only payment reduces the monthly obligation by eliminating the portion paid toward the principal balance. Your loan balance will not diminish over the period of time where the I/O payment is set. In certain circumstances an I/O payment may result in increased borrowing costs at closing.
Ask you Westwood Mortgage representative to provide a detailed analysis of the available options to see if this program works for you.
Term: 30 years
Maximum Amount: $417,000
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Interest Only Fixed Rate
This program joins the traditional 30-year fixed rate with Interest Only payments, generally for the first 5-10 years of the mortgage. An Interest Only payment reduces the monthly obligation by eliminating the portion paid toward the principal balance. Your loan balance will not diminish over the period of time where the I/O payment is set. In most circumstances an I/O payment will result in increased rates and/or borrowing costs at closing.
Ask you Westwood Mortgage representative to provide a detailed analysis of the available options to see if this program works for you.
Term: 30 years
Maximum Amount: $1,000,000
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Conforming Jumbo
In 2008 Congress passed the Economic Stimulus Package, approving FNMA & FHLMC to fund larger loan amounts. The stimulus package permits loan amounts up to $567,500 in the greater Seattle area.
The conforming Jumbo loans are available in every type of loan offered through FNMA & FHLMC, except they are not available for investment property or mulit-family properties.
The stimulus package expires on December 31, 2008 unless it is renewed prior to that date.
Term: 30 years
Maximum Amount: $567,500
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $333,700 with closing costs of $6,674. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
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