Mortgage Information
GOOD NEWS!
My comments on mortgages: As predicted in my Feb. 2008 post, Fannie Mae loan limits did rise. There is a new category of loan, termed "jumbo conforming" with better rates than jumbo, though not as low as true conforming loans, which still have a limit of $417,000. The jumbo conforming loan limit is $567,500 in King County, WA. This is excellent news for many homebuyers (and the sellers who love them!).
Want to see which mortgage product is most advantageous? ARM vs. Fixed? Check out this mortgage comparison tool from the Federal Reserve (it's your tax money, watch it work!)
https://www.federalreserve.gov/apps/mortcalc/
More tools ......
Use the mortgage calculators here to assist you in making some decisions around financing your home. Mortgage Qualification Calculator This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables. Mortgage Payment Calculator & Amortization Table This calculator will help you determine what your mortgage payments will be based on price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.