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| 2,3,5yr ARM |
| INTEREST ONLY |
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2,3,5yr ARM
There are many different ways that a client uses an arm loan. Some use it to get into that new house they have always wanted and the ARM helps them with an affordable payments for a short term fixed rate. Others might use it because they will not be in the house that long and would like the cheapest payment they can get. Whatever the reason your Gateway Mortgage Rep will let you know if this option is right for you.
Term: 30 years
Maximum Amount: $1,000,000
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INTEREST ONLY
Alot of times a 30yr fixed rate loan just does not fit everybody the same way. An interest only loan gives you the option of only paying the interest for a period of time. This gives you the option of investing that money you save,put is towards a college fund or maybe doing that room addition that you have always wanted. Your home will continue to appreciatewhile you enjoy lower payments.
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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 $417,000 with closing costs of $8,340. 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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