FHFA Baseline Conforming Loan Limit Increased to $766,550

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The purchase price

is the total amount you agreed to pay for the property.

The down payment

 is the portion of the sale price of a property that is not financed. Lenders typically offer lower rates for borrowers who make larger down payments.

The loan term

 is the amount of time or number of years that you will have to repay a loan.

The interest rate

is the amount you’ll pay annually to borrow the money for your loan. Interest rates are constantly changing. Contact us to lock in your rate.

Property tax

is any tax on real estate . You should be able to obtain this amount from the seller. Keep in mind that these rates will go up over time.

Homeowners’ insurance

provides financial protection in the event that the homeowner’s house or its contents are damaged or if the insured or their family are held liable for injuries to other people or damage to their possessions while they are on the property.

A homeowners association, or HOA

is an organization within a community that sets the rules for properties in its jurisdiction and enforces them. The HOA collects fees from its member property owners to pay for maintenance and sometimes property taxes.

  • WHAT SHOULD MY DOWN PAYMENT BE? HOW MUCH?

    Different loan types require different downpayment amounts. You can view the different requirements for different loan types here. 

  • WHAT IS PMI?

    Private mortgage insurance is a type of mortgage insurance you might be required to pay for if you have a conventional loan. PMI protects the lender in the event that you are unable to make your payments. 


    PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price.


    PMI could be required if your downpayment is less than 20% of the home’s purchase price with a conventional loan. It can also be required if you are refinancing a conventional loan and your homes’ equity is less than 20% of the current value. 


    PMI is arranged by the lender and provided by a private insurance company.

  • WHERE CAN I FIND TODAY'S INTEREST RATES?

    There are several places you can find current interest rates. We recommend Nerd Wallet.

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