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FIXED RATE MORTGAGE LOANS
This is the most popular mortgage product. Your interest rate will remain fixed for the life of the loan. Franklin offers fixed rate mortgages for home purchases or if you simply want to refinance your existing mortgage. Terms are available up to 30 years and a minimum down payment of 5% is required.
ADJUSTABLE RATE MORTAGE LOANS
The interest rates on these products are usually lower than fixed rate mortgage products and may increase your buying power. They usually appeal to borrowers who do not plan to remain in their home for a long period of time or borrowers that expect their income to substantially increase within the next few years. The interest rate will be fixed for the initial term and then adjust annually for the remainder of the loan. Adjustable mortgage rates contain minimum and maximum interest rate caps for each adjustment period which is 2% and also a life time interest rate cap of 5% or 6%.
Franklin offers 30 year adjustable rate mortgages with the initial rate fixed for one, five or seven years. (1/1, 5/1 and 7/1) We also offer a five year adjustable with a 40 year term (5/1). The interest rate is determined using an index which is the one year Treasury Bill plus a margin of 2.5% or 2.75%.
FREE MORTGAGE PRE-QUALIFICATION
Contact Thomas Clarke at (609-202-3140) or your local branch office for personalized service.
