To understand loans and mortgages we need to understand loan limits first. If your loan amount exceeds the amount below, you will qualify for a Jumbo

To understand loans and mortgages we need to understand loan limits first. If your loan amount exceeds the amount below, you will qualify for a Jumbo Loan, which carries higher interest rate.One-Family (single family homes) $417,000 Two-Family(duplex) $533,850 Three-Family (triplex) $645,300 Four-Family(fourplex) $801,950FIXED Loans:30 Year Fixed Mortgage Rates This loan program is fixed for 30 years. Your interest rate will not change for 30 years. This is ideal for people who plan to stay at their present property for a long period of time.20 Year Fixed Mortgage Rates Fixed for 20 years. Your payment will be higher than 30 year fixed loan becuase your loan term is only for 20 years. Interest rate will not change for 20 years.15 Year Fixed Mortgage Rates 15 year fixed loan has a loan term of 15 years and will not change during this