Thanks to the conforming loan limit increase, you can now request a Cash Out Refinance or an Interest Rate Reduction Loan if your loan amount is $453,100 or less, and still qualify for a low, conforming interest rate.
Put simply, this is a monetary ceiling set by the government that determines what loan amount is considered high. Loans that go over this limit automatically receive higher interest rates than loan amounts below this set limit.
In other words, a higher conforming loan limit means you can qualify for a low interest rate while getting more cash!
In the past, loans over $424,100 received an automatic increase in rate. Now that the conforming loan limit for 2018 is $453,100, you can still qualify for low interest rate if your loan amount is $453,100 or less.
Give us a call today to see how this increase can benefit you!
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