Changes Coming December 15th

Mortgage Cap Update: Higher Loan Limits

Starting December 15th, the maximum loan amounts will increase. This is great news, especially for those in higher-priced markets where the current loan limits may have made it more difficult to secure enough financing. Whether you're looking to buy a more expensive home or need additional funds for your next property, this increase in loan limits could be a game-changer for you.

This adjustment means you could have access to more financing without requiring a larger down payment, making homeownership more attainable for many buyers.

30-Year Amortization Period

Also effective December 15th, the maximum amortization period will be extended to 30 years for qualified borrowers. This longer timeframe can significantly lower your monthly mortgage payments by spreading them out over a greater number of years.

A 30-year amortization could be beneficial for:

First-time homebuyers looking to manage cash flow. Homeowners refinancing and seeking lower monthly payments. Investors wanting more financial flexibility

By reducing your monthly payments, a 30-year amortization offers you the opportunity to balance your mortgage alongside other financial commitments, all while still building equity in your home.

How Can These Changes Benefit You?

Afford More Home: With higher loan amounts, you’ll have the potential to increase your purchasing power. Whether you’re looking to buy a larger home or move into a more desirable area, this change could make it more accessible.

Lower Monthly Payments: The option for a 30-year amortization means that your monthly mortgage payments can be more manageable, even if you decide to borrow a larger amount. This can provide you with greater financial flexibility for other needs or investments.

Refinancing Opportunities: If you’re already a homeowner, the new loan limits and extended amortizations might make refinancing a great option to consolidate debt, renovate, or access equity for other goals while keeping your payments in check.