If you’re a homebuyer in our San Mateo market, we want to tell you about some great loan programs available out there.
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Today we’re joined by Jed Thibodeau of LoanDepot to talk about attractive loan programs for homebuyers in our market.
Recently, the 10-year adjustable-rate mortgage has gained in popularity. According to Jed, this can be a smart choice for first-time homebuyers because most of them don’t live in their home for longer than 10 years, so there’s no reason to get a 30-year fixed-rate mortgage and make extra payments on that. Additionally, rates for these programs are currently below 4%.
Jumbo loan programs with a 10% down payment are another attractive option. A key benefit of these loans is they don’t require any private mortgage insurance (PMI). The PMI payment is built into the rate, which is why rates for these kinds of programs will be a little higher than the rates for loan programs with a 20% down payment.
Outside of any unforeseen event that shocks the economy,
rates will remain favorable to homebuyers.
We’re in a unique market with high prices here in San Mateo, so these programs are especially helpful to homebuyers in our area. For traditional 30-year programs, Jed thinks rates will stabilize in the coming months. Outside of any unforeseen event that shocks the economy, rates will remain favorable to homebuyers.
If you have any more questions about this topic, you can give Jed a call at (650) 275-2202 or email him at email@example.com.
As always, if you have any other real estate needs, don’t hesitate to reach out to us. We’d love to speak with you.