Princeton Mortgage | Loan Programs

CONVENTIONAL FIXED MORTGAGES

Term: 5 - 30 Year
Pre-payment penalty: None
Loan amounts: $30,000 - $417,000

These loan programs offer the lowest interest rates available. These programs are best for lowering your rate, reducing your term, debt consolidation, home improvements or simply pulling cash out of the equity of your home.

Typical qualification requires good credit, 2 year job history, 5% equity in your home, and verification of assets, employment, and income.

JUMBO FIXED MORTGAGES

Term: 30 or 15 year
Pre-payment penalty: None
Loan amounts: $417,001- $3 million (rates may vary for loan amounts above $650,000)

These loan programs offer the lowest interest rates available for loan amounts above $417,001. These programs are best for lowering your rate, reducing your term, debt consolidation, home improvements or simply pulling cash out of the equity of your home.

Typical qualification requires good credit, 2 year job history, 5% equity in your home, and verification of assets, employment, and income.

ARM (Adjustable Rate Mortgage)

Term: 30 year
Pre-payment penalty: possibly, but not likely
Loan amounts: $30-000 - $417,000 (rates may vary depending on loan amount)
Rates fixed for: 1, 3, 5, 7, or 10 years before rate becomes variable

These loan programs are great for someone who does not plan on living in their home longer than the fixed period of time (1-10 years). These programs are also for great for freeing up cash flow, debt consolidation, and home improvements.

Typical qualification requires good credit, 2 year job history, 5% equity in your home, and verification of assets, employment, and income.

HELOC (Home Equity Line of Credit) / 2nd MORTGAGES

Term: 5, 10, 15, 20, 25, 30 year
Pre-payment penalty: possible
Loan amounts: $10-000 - $500,000
Rates: depends on equity position, credit scores, and loan amount size

HELOC
This is a revolving line of credit against the equity in your home. Payments of interest are only based upon the money you use not the amount you are approved for. Interest rate is determined by equity position, credit scores, and loan amount size. Interest rates are based upon the prime rate.

6798 South 1300 East · Salt Lake City, UT 84121 · Phone: (801) 304-9700 · Toll Free: (877) 304-9701 · Fax: (801) 304-9800