Pasted below is a copy of an e-mail I received from our mortgage advisor today:
The Economic Stimulus Package has passed the U.S. Senate and is heading to the President’s desk next week for his signature.
You may or may not know, but a big piece of the package is allowing the conforming loan limit(currently $417,000) and the FHA loan limit(roughly $362,000) to be increased as high as $729,750
The specific limit will be based on high-cost areas, which we are normally a part of. I will keep you informed as to the final decision and how our business will be impacted. This will allow for loans over the current $417,000 limit to be considered conforming which will save hundreds of dollars monthly and thousands of dollars year-over-year!!!
Example—
Someone doing a $600,000 loan today would have a Principal and Interest payment of $3792. That same loan could than have a Principal and Interest payment of $3597…that’s a$195/month savings!!! Or $2340/year savings!!!
Do you think we could sell more real estate with these savings???
p.s. Once we know where our limit will be, it might be a good idea to call all your past customers who obtained Jumbo loan financing and let them know that if they are not moving, you can provide them a way to save hundreds of dollars and thousands of dollars, by calling your in-house mortgage partner!!!
Matthew J. Guiro ~ Mortgage Advisor
Your Partner for Success
732-890-0114 Cell
732-864-9415 Office
732-864-9420 Fax
We Make Home Loans Easy
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