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High Rock Mortgage, Inc.

SLC (801) 942-0225
Park City (435) 647-7714

Mortgage Loan Programs Fixed-Rate Mortgage A fixed rate mortgage (FRM) has an interest rate that is fixed for the life of the loan. FRM are available in various terms - 40, 30, 25, 20, 15 years and 10 year. Generally, the shorter the time period, the lower the interest rate on the loan. Adjustable-Rate Mortgage An adjustable-rate loan (ARM) has a fluctuating interest rate that adjusts based on a defined index that the loan is tied to. The index is established at the time of application for a loan. The result is your monthly mortgage payment can go up or down depending on the market. There are limits (caps) to the amount that the interest rate can increase on ARMs. ARMs have two caps; one which sets the maximum amount the interest rate can rise during each adjustment period and one that sets the total absolute maximum interest rate amount for the life of the loan. Jumbo Mortgage A mortgage loan in excess of $417,000 in the continental United States (Alaska and Hawaii limits are higher). The limits are set by the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLM). Jumbo loans generally have a higher interest rate because they cannot be funded by FNMA or FHLM. Construction Loans Construction loans are available for individuals building their own home and builders based upon specific qualifications. Draws are disbursed from the loan amount throughout the construction phase of a new home. Construction loans can be arranged as a one-time close; therefore, eliminating going through two closings on the property. Lot Loans There are various loan programs to help purchase building lots for qualifying individuals. Generally they are for a short period of time with higher interest rates. Home Equity Loans Home equity loans are available in a number of different loan programs at various interest rates. The rates are higher than a first mortgage and the loan is secured by a second mortgage on the qualifying property.



Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.