Fixed Rate
A fixed rate mortgage (FRM) is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or “float.”
Jumbo Loan
Jumbo loan program is also considered conventional loan, but offer financing for loan amounts that are greater than the standard limits.
FHA
A government loan that assists homebuyers that are unable to obtain conventional financing. These loans are easier to qualify for and require a down payment of only 3.5%.
VA
A mortgage loan made by an approved lender and guaranteed by the Department of Veteran Affairs. These loans require no down payment and are only available to eligible veterans.
Texas Veteran
Will provide up to $150,000 of financing at a reduced interest rate to eligible veterans, if the price of the home is more than $150,000, this program may be used in conjunction with another loan to make up the difference.
ARM (Adjustable Rate Mortgage)
This loan is fully amortized over a 30 year period and features variable payments. The advantage can be a lower starting rate than the fixed loans. The disadvantage is that interest rates can increase over time, therefore making your payments rise.
ARMS Include:
- - 1 month ARM – interest rate adjusts monthly
- - 6 month ARM – interest rate adjusts every 6 months
- - 1 year ARM – interest rates adjust annually
- - 3 year ARM – rate is fixed for the first 3 years then adjusts annually
- - 5 year ARM – rate is fixed for the first 5 years then adjusts annually
- - 7 year ARM – rate is fixed for the first 7 years then adjusts annually
Commercial
Since there are so many different variables between projects, please contact us for a consultation.
CONVENTIONAL RATES
Product
30-Yr Fixed
15-Yr Fixed
Rate
6.125%
5.750%
APR
6.387%
6.197%
*updated as of 1/22/2024 at 11:00AM. quoted rates based off 760 credit scores with a 20% down payment, sales price $250,000 on $200,000 loan amount – offer may terminate at any time without notice – rate and annual percentage rate calculated on a 365 day year with typical/normal closing costs, Rates/APRs subject to change with closing costs – properties and applicants must qualify – other restrictions may apply.
FHA RATES
Product
30-Yr Fixed
15-Yr Fixed
Rate
5.750%
5.500%
APR
6.794%
6.493%
*updated as of 1/22/2024 at 11:00 AM. quoted rates reflect off 680 credit scores with 3.50% down payment on $250,000 sales price and base loan amount of $241,250 total loan amount $245,471 home; Up-Front Mortgage Insurance rate of 1.750% and monthly mortgage insurance rate .85% – offer may terminate at any time without notice – rate and annual percentage rate calculated on a 365 day year with typical/normal closing costs, Rates/APRs subject to change with closing costs – properties and applicants must qualify – other restrictions may apply. Origination fee of 2.125% and discount point of 0%
VA RATES
Product
30-Yr Fixed
15-Yr Fixed
Rate
6.125%
5.750%
APR
6.563%
6.346%
*updated as of 1/22/2024 at 11:00AM. quoted rates based off 760 credit scores with a 0% down payment, ales price $250,000 base loan amount $250,000 total loan amount $250,000, VA Funding Fee 2.30% – offer may terminate at any time without notice – rate and annual percentage rate calculated on a 365 day year with typical/normal closing costs, Rates/APRs subject to change with closing costs – properties and applicants must qualify – other restrictions may apply.
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- Phone: 956-728-8700
- Fax: 956-728-8740
- Email: info@geomtg.com
- Address:
9901 McPherson Rd, Suite 101
Laredo, Texas 78045 US - NMLS# 251528
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