Jumbo loan: Jumbo loans are reserved for prospective home buyers who will need a mortgage larger than $548,250, or $822,375 in designated high-cost areas. Because of the short-term perks of these loans, many buyers who plan to live in their new home for less than 10 often find ARMs the most valuable. In most cases, these alterations will occur once a year. The catch, however, is that once this comes to an end, your rate will be adjusted according to PERL Mortgage’s market index. These loans feature an initial interest period that offer a lower rate than you’d likely receive elsewhere.
That means that as long as you stay current on your payments, your monthly mortgage costs will remain the same for 30, 20 or 15 years, or whatever term length you choose.Īdjustable-rate mortgage: The interest rates associated with adjustable-rate mortgages (ARMs) are much more varied. What Kind of Mortgage Can I Get With PERL Mortgage?įixed-rate mortgage: Home loan customers who choose a fixed-rate mortgage are given an interest rate that never changes throughout the life of the loan. If you’re the type of applicant to want to visit a branch, though, it has locations solely in California, Florida, Illinois, Iowa, Michigan, Minnesota, Missouri, Nevada, South Carolina, Texas and Wisconsin. These include Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Washington, D.C. PERL Mortgage is licensed to originate loans in 33 states.
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