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A mortgage is a loan secured by real property. The interest rate on a fixed rate mortgage note remains the same through the term of the loan. There are several types of fixed rate mortgage notes. The most common ones are 30, 20 and 15 year fixed loans.  Usually the shorter the amortization period the lower the interest rate.

Conforming Mortgage

Conforming Mortgage is a mortgage that meets all the terms and conditions set by Fannie Mae and Freddie Mac.  The terms include maximum loan amount, credit worthiness, required documentation and suitability of the property. The rates on conforming loans can be Fixed, adjustable, or interest only.

Jumbo or Non-conforming Mortgage

A non-conforming mortgage is a term for a residential mortgages that exceed the dollar amount set by the Federal National Mortgage Association / Federal Home Loan Mortgage Corporation (Fannie Mae and Freddie Mac).
An applicant applying for a jumbo mortgage is usually charged a premium of 25 to 50 basis points due to the higher risks associated with the loan. With passage of the economic stimulus package in 2008, Fannie Mae and Freddie Mac were temporarily authorized to purchase loans in high-cost areas, up to 125% of the area’s median home price, not to exceed $729,750, except in Alaska, Hawaii, Guam, and the US Virgin Islands, where higher limits may apply.

Mortgage Pricing

Fixed rate mortgages usually carry a higher interest rate than adjustable rate mortgages. The higher rate is due to the fact that the lending institution (note holder) will be committed to a mortgage note with a lower yield than the market in the future.  There is no cookie cutter formula for selecting the right mortgage. The decision between a fixed rate or and adjustable rate mortgage has to be made case by case based on the terms, fees, current interest rates and the expected term of occupancy.

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