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Different Mortgage Types Explained by Bank of Internet USA
Fixed Rate Mortgages are one of the most popular home loan types today. They enable homebuyers to lock in a particular rate for the duration of the loan period. The advantage to the 15 year FRM is that the customer ultimately sees substantial interest savings. The 30 year FRM is for homebuyers who wish to have lower monthly payments but pay them off over a longer period of time. The 30 year FRM has the lowest monthly payments provided by Bank of Internet USA.
A 5 year Adjustable Rate Mortgage will lock in a fixed payment amount for the first 5 years. After that initial period of 60 months, the payment amounts may change based on current market conditions.
Jumbo mortgages are for circumstances where the total amount lended exceeds $417,000 in “general” areas and $625,500 in “high cost” areas. By nature, jumbo mortgages have higher interest rates than other mortgage types because they are considered risky for lenders. Bank of Internet USA’s Jumbo 30 year Fixed Rate Mortgages still provides low mortgage interest rates.
Visit https://www.bankofinternet.com/bofi/Mortgage.aspx to view current rates from Bank of Internet USA, or call 1-888-546-2634 to speak to a representative.
