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We like to keep our clients informed as to what is going on in the mortgage industry. Congress has proposed a bill that would currently increase the conforming loan limit to $729,000. This limit is a calculation based on your cities current median home price. So, in San Diego, we are looking for this to increase our conforming limit to roughly $630,000.
To keep our clients ahead of the market, we are preparing loan applications for all of our clients that currently have a loan amount or combined loan amount (1st mortgage and HELOC) between $417,000 and $630,000. If you or any of your friends fit these criteria, we would like to help.
Today, conforming rates on a 30 year fixed are roughly 5.5% while jumbo rates (loans currently above $417,000) are 6.5%. With that being said, anyone who currently has a jumbo loan can save roughly $2,000/year and over $60,000 over the course of the loan.
If you are unsure of whether you qualify for this program, give us a call. We would love the opportunity to earn your business and appreciate any referral of your friends and family members.
Richard Smythe-Broker/Owner 619-994-5532
Anthony Lococco 619-920-5262
**mention Scott Waid and you maybe eligible for a special discount**
www.CalResMortgage.com
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