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Jeremy Engle

NMLS ID 293517

559-734-5000 jeremy@jeremyengle.com

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Blog Image: What is an ARM loan?

What is an ARM loan?

While fixed-rate loans are one of the most popular choices for mortgage loans, there is another choice: the adjustable-rate mortgage or ARM loan. If you’ve ever wondered what an ARM loan is or why anyone would want one, here is what you need to know: ARMs Defined An adjustable-rate mortgage is a type of home loan with a short fixed-rate period, after which the interest rate is allowed to adjust periodically based on certain market indexes. How an ARM Works An ARM loan comes with an initial low-rate period of anywhere from one to ten years. During that time, your interest rate...

June 17th, 2020 | Adjustable Rate Mortgages, What is an ARM loan?

Blog Image: What is a 5/5 ARM?

What is a 5/5 ARM?

If you are familiar with adjustable-rate mortgages (ARMs), you have probably heard of the 5/1 ARM or even the 10/1 or 1/1 ARM. There is a newer ARM loan available that is growing in popularity: the 5/5. Here’s everything you need to know about this unique loan product. What is it? The first number in an ARM refers to how long the initial fixed-rate period is, and the second number tells how often the mortgage rate can adjust thereafter. Thus a 5/5 ARM is one with a fixed interest rate for the first 5 years that will adjust every 5 years from that point on.  While having an ...

April 3rd, 2019 | Adjustable Rate Mortgages, What is a 5/5 ARM?

Blog Image: 3 Things You Need to Know About ARM Loans

3 Things You Need to Know About ARM Loans

Adjustable rate mortgage (ARM) loans always grow in popularity when interest rates are on the rise. Some borrowers think ARMs are the best way to save money on their mortgage in a higher rate climate. ARM loans can also be helpful for those who do not plan to stay in their home more than a few years. Whatever the reason, if you are considering an adjustable rate mortgage here are three things you need to know before signing. 1. What type of ARM are you getting? Of course, you already know that an adjustable rate mortgage means that eventually your loan interest rate can adjust higher or ...

January 23rd, 2019 | Adjustable Rate Mortgages, Interest Rates, 3 Things You Need to Know About ARM Loans

Blog Image: Jumbo Loan Basics

Jumbo Loan Basics

The majority of homes around the country are purchased with the aid of traditional, conforming mortgage loans. Yet when home prices rise quickly, many markets have price tags that are too high for these standard loans. Enter the jumbo loan. What is a Jumbo Loan? Jumbo mortgage loans are those that have a higher dollar amount than the limits set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy up home loans and sell them on the secondary market. Since Fannie and Freddie are backed by the federal government, they create loan limits to minimize the risk of loss t...

November 14th, 2018 | Jumbo Loans, Adjustable Rate Mortgages, Fixed Rate Mortgages, Purchasing a Home, Jumbo Loan Basics