Magnum Home Loan offers a variety of loan programs. Whether you are in the process of purchasing a new home; building a new home; considering refinance your home; remodeling your home; or consolidating your debts, we will have a loan product to meet your needs.
Fixed Rate Mortgage
The available loan program of fixed rate mortgages usually come in 30 years, 20 years, 15 years and even 10 years. The interest rate will remain fixed for the life of the loan that has been chosen.
Adjustable Rate Mortgage
An Adjustable Rate Mortgage (ARM) is a mortgage loan that does not charge a fixed rate of interest. Payments can be low if interest rates are low and will increase as rates rise. Adjustable rate mortgage loans can offer lower starting interest rates than fixed-rate loans, which translates into immediate savings on interest costs and increase purchasing power. For many buyers however, the lower interest rate of an ARM loan can also increase purchasing power. The number of times your payment can change depends on the type of ARM loan you choose. Most ARMs have caps on how much an interest rate may increase. The common ARM choices are 10/1 ARM, 7/1 ARM, 5/1 ARM, and 5/5 ARM.
LPMI (Lender Paid Mortgage Insurance)
LPMI availability can vary between each state based on loan product and Mortgage Insurance Vendor. Availability depends on the state's insurance regulations and how each Mortgage Insurance Vendor has filed their various rate plans with the state insurance commission.
A mortgage loan that exceeds the limits set by Fannie Mae and Freddie Mac which is above $424,100 will be considered a jumbo loan. A jumbo mortgage will carry a higher interest rate than a conventional mortgage.
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