Evergreen launches new 10 year fixed rate mortgage. Perfect for individuals buying a home that they want to pay off prior to retiring. The rate today is 3.375% (APR 3.615%). The monthly payment is almost double that of a 30 year fixed mortgage…but the interest savings over the life of the loan is substantial. Might be just the ticket for someone.
Update on High Balance mortgages. (Loan amounts between $417,000 - $567,500). The Conforming Loan limits are set to revert back to $417,000 on October 31st. There has been some talk of extending but it appears less likely this time around (congress must vote for the extension). If it looks like it won’t be extended investors will start to pull back from this product in August. If you have buyers or sellers that are in this price range, make them aware of this potential pullback. Without this high balance loan anything over $417,000 will be considered a Jumbo loan with larger down payment requirements.
Team Evergreen’s SAVE – OF – THE – WEEK…
US Citizen lives and works in the Middle East for the last 4 years
Wants to purchase a tri-plex in Seattle as an investment property
Other banks contacted couldn’t lend because the income was made overseas.
We are able to fund the loan as a normal with a written verification of employment and two year’s tax returns.
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