First Rate Financial Group is pleased to offer its customers 30-, 25-,20- and 10-year conforming loans — loans that fit borrowing limits and other restrictions set by Freddie Mac and Fannie Mae. Because they meet the guidelines, banks and other lenders are able to sell these loans to Freddie and Fannie.
The chief benefit of taking a conforming loan is that you'll be able to get a lower interest rate, because your lender will be able to sell the loan to Freddie or Fannie. Freddie and Fannie boost banks' abilities to make mortgage loans by purchasing the loans from them, bundling them with other loans, and selling them on the market as mortgage-backed securities. Conforming loans are seen as good risks by banks and lenders, thus allowing them to offer lower interest rates on these loans to consumers.
Getting an advantaged interest rate on your home loan will result in you having a lower monthly mortgage, and can also help you pay less for your home, in the long run. Conforming loan limits are as follows:
|High Cost Area||$625,500|
|* (Los Angeles Area)|
First Rate Financial Group is pleased to work to provide 10-year conforming loans, 20-year conforming loans, 25-year conforming loans and 30-year conforming loans in the following local communities: