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Over the life of the loan, a fixed interest rate mortgage retains the same interest rate and principal payments. Essentially, the principal and interest portion of your monthly mortgage payment will stay the same. Since fixed interest rate loans offer you more stability, a fixed rate loan may have a higher interest rate than an adjustable rate loan.
If you are looking to take out a loan which will be less than $417,000, a Conforming Loan will most likely be right for you. If you are looking to take out a loan which will be more than $417,000, a Jumbo Loan will most likely be right for you.
Conditions that may accompany the use of this loan:
- You have consistent and dependable income
- You are comfortable paying a slightly higher interest rate in exchange for stability of a fixed monthly payment
- You have plans to stay in a new home longer than 7 years
