{"id":45832,"date":"2023-11-30T21:39:00","date_gmt":"2023-11-30T21:39:00","guid":{"rendered":"https:\/\/kiiky.com\/wealth\/?p=45832"},"modified":"2023-12-02T13:26:59","modified_gmt":"2023-12-02T13:26:59","slug":"contour-mortgage-review","status":"publish","type":"post","link":"https:\/\/kiiky.com\/wealth\/contour-mortgage-review\/","title":{"rendered":"Contour Mortgage Review: Interest Rates, &amp; Plans","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<p>A multi-state,<a href=\"https:\/\/kiiky.com\/wealth\/hard-money-lenders\/\" target=\"_blank\" rel=\"noreferrer noopener\"> full-service mortgage lender<\/a>, Contour Mortgage assists customers with financing their home purchases, refinances, and renovations. <\/p>\n\n\n\n<p>Since its founding in 1993, Contour Mortgage has prospered by upholding its <a href=\"https:\/\/kiiky.com\/best-entrepreneurship-schools\/\" target=\"_blank\" rel=\"noreferrer noopener\">spirit of entrepreneurship<\/a>, dominating the market in terms of innovation, and providing excellent customer service. <\/p>\n\n\n\n<p>To suit the <a href=\"https:\/\/kiiky.com\/wealth\/home-owners-loan-corporation\/\" target=\"_blank\" rel=\"noreferrer noopener\">demands of most homebuyers and homeowners<\/a>, they offer various residential home loan products. Their professional and continuously educated mortgage creation and operation teams have successfully assisted hundreds of thousands of prospective homebuyers as they worked toward becoming homeowners.<\/p>\n\n\n\n<p>This article has been well-researched and put together to give you a wonderful contour mortgage review. Let&#8217;s engage!<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-about-contour-mortgage\" data-level=\"2\">About Contour Mortgage<\/a><\/li><li><a href=\"#h-is-contour-mortgage-legit\" data-level=\"2\">Is Contour Mortgage Legit?<\/a><\/li><li><a href=\"#h-who-owns-contour-mortgage\" data-level=\"2\">Who Owns Contour Mortgage?\u00a0<\/a><\/li><li><a href=\"#h-what-does-contour-mortgage-value\" data-level=\"2\">What Does Contour Mortgage Value?<\/a><ul><li><a href=\"#h-1-raising-home-financing-standards\" data-level=\"3\">#1. Raising Home Financing Standards<\/a><\/li><li><a href=\"#h-2-one-contour\" data-level=\"3\">#2. One Contour<\/a><\/li><li><a href=\"#h-3-growth-oriented\" data-level=\"3\">#3. Growth Oriented<\/a><\/li><li><a href=\"#h-4-customer-oriented\" data-level=\"3\">#4. Customer-oriented<\/a><\/li><li><a href=\"#h-5-guiding-principles\" data-level=\"3\">#5. Guiding Principles<\/a><\/li><\/ul><\/li><li><a href=\"#h-what-is-a-good-interest-rate-for-a-contour-mortgage\" data-level=\"2\">What is a good interest rate for a Contour mortgage?<\/a><\/li><li><a href=\"#h-how-to-obtain-the-best-mortgage-rates\" data-level=\"2\">How to obtain the best mortgage rates<\/a><ul><li><a href=\"#h-1-search-for-a-lender\" data-level=\"3\">#1. Search for a lender<\/a><\/li><li><a href=\"#h-4-make-a-larger-down-payment\" data-level=\"3\">#4. Make a larger down payment.<\/a><\/li><li><a href=\"#h-5-boost-your-credit-rating\" data-level=\"3\">#5. Boost your credit rating<\/a><\/li><li><a href=\"#h-6-think-about-many-forms-of-mortgages\" data-level=\"3\">#6. Think about many forms of mortgages<\/a><\/li><\/ul><\/li><li><a href=\"#h-what-are-the-products-of-contour-mortgage\" data-level=\"2\">What Are The Products of Contour Mortgage?<\/a><ul><li><a href=\"#h-1-homeownership\" data-level=\"3\">#1. Homeownership<\/a><\/li><li><a href=\"#h-2-refinance\" data-level=\"3\">#2. Refinance<\/a><\/li><li><a href=\"#h-3-fha-loans\" data-level=\"3\">#3. FHA Loans<\/a><\/li><li><a href=\"#h-4-va-loans\" data-level=\"3\">#4. VA Loans<\/a><\/li><li><a href=\"#h-5-usda-loans\" data-level=\"3\">#5. USDA Loans<\/a><\/li><li><a href=\"#h-6-reverse-mortgage\" data-level=\"3\">#6. Reverse Mortgage<\/a><\/li><li><a href=\"#h-7-203-k-rehab-loan\" data-level=\"3\">#7. 203(k) Rehab Loan<\/a><\/li><li><a href=\"#h-8-coops-condos\" data-level=\"3\">#8. Coops &amp; Condos<\/a><\/li><li><a href=\"#h-9-jumbo-loans\" data-level=\"3\">#9. Jumbo Loans<\/a><\/li><li><a href=\"#h-10-second-home-investment-property\" data-level=\"3\">#10. Second home \/ Investment property<\/a><\/li><li><a href=\"#h-11-consolidating-debt\" data-level=\"3\">#11. Consolidating debt<\/a><\/li><li><a href=\"#h-12-fannie-mae-freddie-mac\" data-level=\"3\">#12. Fannie Mae &amp; Freddie Mac<\/a><\/li><li><a href=\"#h-13-multifamily-loans\" data-level=\"3\">#13. Multifamily Loans<\/a><\/li><\/ul><\/li><li><a href=\"#h-what-is-contour-mortgage-website\" data-level=\"2\">What is Contour Mortgage Website?<\/a><\/li><li><a href=\"#h-frequently-asked-questions\" data-level=\"2\">Frequently Asked Questions<\/a><\/li><li><a href=\"#h-conclusion\" data-level=\"2\">Conclusion<\/a><\/li><li><a href=\"#h-references\" data-level=\"2\">References<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-about-contour-mortgage\"><span id=\"about-contour-mortgage\">About Contour Mortgage<\/span><\/h2>\n\n\n\n<p>A modest mortgage company called Contour Mortgage Corporation focuses on <a href=\"https:\/\/kiiky.com\/wealth\/tips-for-first-time-home-buyers\/\" target=\"_blank\" rel=\"noreferrer noopener\">home purchase<\/a> and refinance loans. The percentage of conventional loans at Contour Mortgage Corporation is high. <\/p>\n\n\n\n<p>They have a typical percentage of FHA loans. Their percentage of USDA loans is minimal. By origination volume, their top markets include, among others, New York, Washington, Baltimore, Atlanta, and Philadelphia.<\/p>\n\n\n\n<p>Comparing Contour Mortgage Corporation&#8217;s approval rate to the average for all lenders, it is above average. Compared to <a href=\"https:\/\/kiiky.com\/wealth\/15-best-mortgage-lenders-for-self-employed-in-2021\/\" target=\"_blank\" rel=\"noreferrer noopener\">lenders of a similar type<\/a>, they have a lower-than-average pick rate. The lender, Contour Mortgage Corporation, often charges exorbitant fees. They usually have average rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-is-contour-mortgage-legit\"><span id=\"is-contour-mortgage-legit\">Is Contour Mortgage Legit?<\/span><\/h2>\n\n\n\n<p>Based on over 51 anonymous employee evaluations, Contour Mortgage has an overall rating of 4.5 out of 5. 86% of workers are optimistic about the company&#8217;s future, and 87% would recommend working there to a friend.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-owns-contour-mortgage\"><span id=\"who-owns-contour-mortgage\">Who Owns Contour Mortgage?&nbsp;<\/span><\/h2>\n\n\n\n<p>According to its official website, Contour Mortgage is a multi-state, full-service mortgage&nbsp;lender&nbsp;serving consumers with their home purchase, refinance, and renovation financing needs owned by Richard Pregiato.&nbsp;<\/p>\n\n\n\n<p>A tour of his LinkedIn profile opines he has been president of Contour Mortgage since 1993.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-does-contour-mortgage-value\"><span id=\"what-does-contour-mortgage-value\"><strong>What Does Contour Mortgage Value?<\/strong><\/span><\/h2>\n\n\n\n<p>Many factors contour mortgage place much value, they are:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-raising-home-financing-standards\"><span id=\"1-raising-home-financing-standards\">#1. Raising Home Financing Standards<\/span><\/h3>\n\n\n\n<p>Raising home financing standards is one of the significant things that contour mortgage values. They know how crucial this phase is, no matter your home financing objectives. They consider the following deals as they expect your interests and personalize your experience:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-one-contour\"><span id=\"2-one-contour\">#2. One Contour<\/span><\/h3>\n\n\n\n<p>Together, they produce the finest results. No matter what role they play, they always put everything into it. They are aware that they have obligations to one another, their clients, their professional networks, and the overall success of the company and the communities we serve.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-growth-oriented\"><span id=\"3-growth-oriented\">#3. Growth Oriented<\/span><\/h3>\n\n\n\n<p>Contour Mortgage believes that growth is a mentality, not just a result. They don&#8217;t believe in individual, group, or organizational boundaries. They work daily to support one another and their clients in becoming successful homeowners.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-customer-oriented\"><span id=\"4-customer-oriented\">#4. Customer-oriented<\/span><\/h3>\n\n\n\n<p>Everything contour mortgage does centered on serving its consumers. The meticulous focus on every detail and unwavering emphasis on providing their clients the support, resources, and tools they require to achieve homeownership and achieve the best results are ingrained in their DNA.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-guiding-principles\"><span id=\"5-guiding-principles\">#5. Guiding Principles<\/span><\/h3>\n\n\n\n<p>Integrity, morality, and sincerity are the guiding principles. These values are the foundation of our culture, which is rooted in the people. <\/p>\n\n\n\n<p>They push the envelope and are courageous enough to go after results that benefit their consumers. They are fearless in their quest for greatness and are born innovators.<\/p>\n\n\n\n<p>See Also: <a href=\"https:\/\/kiiky.com\/wealth\/refinance-your-mortgage\/\" target=\"_blank\" rel=\"noreferrer noopener\">What Does It Mean To Refinance Your Mortgage? | 2023<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-good-interest-rate-for-a-contour-mortgage\"><span id=\"what-is-a-good-interest-rate-for-a-contour-mortgage\">What is a good interest rate for a Contour mortgage?<\/span><\/h2>\n\n\n\n<p>Your financial position will determine which mortgage rate is best for you. A home loan, including an adjustable interest rate, may start with a lower interest rate but change annually after a predetermined time. <\/p>\n\n\n\n<p>A home loan with only a shorter term might come with a lower interest rate but a greater monthly payment. <\/p>\n\n\n\n<p>In contrast to a 30-year fixed-rate mortgage, a 7-year ARM (adjustable-rate mortgage) has a fixed rate for the first 7 years and then adjusts annually for the remaining duration of the loan (loan term).<\/p>\n\n\n\n<p>See Also: <a href=\"https:\/\/kiiky.com\/wealth\/how-much-does-a-mortgage-broker-make\/\" target=\"_blank\" rel=\"noreferrer noopener\">How Much Does A Mortgage Broker Make On A Loan?<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-obtain-the-best-mortgage-rates\"><span id=\"how-to-obtain-the-best-mortgage-rates\">How to obtain the best mortgage rates<\/span><\/h2>\n\n\n\n<p>Mortgage rates can change significantly daily depending on several variables, including the borrower&#8217;s unique circumstances. <\/p>\n\n\n\n<p>The amount of interest paid throughout the loan can vary by tens of thousands of dollars depending on the difference in mortgage rates. The following strategies can assist you in locating the best mortgage rate for your new home loan:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-search-for-a-lender\"><span id=\"1-search-for-a-lender\">#1. Search for a lender<\/span><\/h3>\n\n\n\n<p>It&#8217;s not a guarantee that you&#8217;ll get the best mortgage rate for your home loan if you use the lender your<a href=\"https:\/\/kiiky.com\/wealth\/best-youtube-channels-for-real-estate\/\" target=\"_blank\" rel=\"noreferrer noopener\"> real estate agent <\/a>normally uses. Find a lender who can offer you a loan for your circumstances by asking for suggestions or using an online tool.<\/p>\n\n\n\n<h3 id=\"2-compare-lender-charges\" class=\"wp-block-heading\">#2. Compare lender charges<\/h3>\n\n\n\n<p>Each lender includes fees and closing costs that go toward the overall cost of the mortgage besides mortgage interest rates. <\/p>\n\n\n\n<p>Compare official Loan Quotations from at minimum three different lenders before choosing one, paying close attention to which has the lowest rate and APR. You will feel more assured that you are getting the greatest deal.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-make-a-larger-down-payment\"><span id=\"4-make-a-larger-down-payment\">#4. Make a larger down payment.<\/span><\/h3>\n\n\n\n<p>Did you know that the size of your down payment might affect the interest rate on your mortgage? This is because mortgage rates are frequently graded, and individuals who put down 20% or more typically qualify for cheaper rates. Ask your lender if raising your down payment may cause a reduced interest rate on your mortgage.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-boost-your-credit-rating\"><span id=\"5-boost-your-credit-rating\">#5. Boost your credit rating<\/span><\/h3>\n\n\n\n<p>Your credit score may impact your lender&#8217;s offer of a mortgage rate. The interest rate on your home loan will be lower the higher your credit score. <a href=\"https:\/\/kiiky.com\/wealth\/fair-credit-score\/\" target=\"_blank\" rel=\"noreferrer noopener\">Review your credit score<\/a> and ensure it&#8217;s in the greatest shape before applying for a mortgage.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-think-about-many-forms-of-mortgages\"><span id=\"6-think-about-many-forms-of-mortgages\">#6. Think about many forms of mortgages<\/span><\/h3>\n\n\n\n<p>The 30-year fixed-rate mortgage is the most popular kind of house loan, but other mortgage options may be more helpful depending on your circumstances.<\/p>\n\n\n\n<p>Given that ARM interest rates are variable, they can end up being more than those of a 30-year fixed-rate mortgage with a locked-in interest rate. <\/p>\n\n\n\n<p>On the other side, a 15-year fixed rate mortgage may have a lower interest rate and won&#8217;t vary like an ARM loan, but it has a more outstanding monthly payment than a 30-year fixed rate mortgage. Consider your alternatives before selecting the mortgage that best suits your needs.<\/p>\n\n\n\n<p>See Also: <a href=\"https:\/\/kiiky.com\/wealth\/applying-for-a-mortgage\/\" target=\"_blank\" rel=\"noreferrer noopener\">Effective Tips To Help You When Applying For A Mortgage<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-products-of-contour-mortgage\"><span id=\"what-are-the-products-of-contour-mortgage\">What Are The Products of Contour Mortgage?<\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-homeownership\"><span id=\"1-homeownership\">#1. Homeownership<\/span><\/h3>\n\n\n\n<p>This is one of the basic contour mortgage products. The American goal of owning a home is the ideal. The freedom you&#8217;ll experience in seemingly routine situations defines the genuine worth of house ownership, from decorating the walls with family photos to enjoying a backyard BBQ at your leisure. <\/p>\n\n\n\n<p>Owning a home provides a place to establish roots, grow your family, and put your unique touch on every aspect\u2014far more so than renting an apartment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-refinance\"><span id=\"2-refinance\">#2. Refinance<\/span><\/h3>\n\n\n\n<p>Contour mortgage provides refinance services. It&#8217;s time to refinance if you&#8217;re unhappy with your monthly salary or want to benefit from historically low-interest rates. This is a fantastic strategy to increase monthly cash flow or speed up home equity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-fha-loans\"><span id=\"3-fha-loans\">#3. FHA Loans<\/span><\/h3>\n\n\n\n<p>A Federal Housing Administration (FHA) loan is a mortgage guaranteed by the agency, which is part of the U.S. Department of Housing and Urban Development. Several mortgage lenders provide that the government agency has approved.<\/p>\n\n\n\n<p>For many homebuyers, FHA financing provides a reliable and reasonable lending choice. Minimal 30-year fixed rates, a quick and straightforward approval process, and a low down payment are all features offered by certified FHA direct lender Contour Mortgage.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-va-loans\"><span id=\"4-va-loans\">#4. VA Loans<\/span><\/h3>\n\n\n\n<p>Contour Mortgage also gives VA loans. Veterans, active-duty service members, reservists, and National Guard members can finance their mortgages with a VA loan. It offers flexible criteria and has low closing expenses.<\/p>\n\n\n\n<p>VA loans, backed by the Department of Veterans Affairs in the United States, were created with military families in view.<\/p>\n\n\n\n<p>It can be used for various things, such as buying or constructing a new home, refinancing an existing loan, making repairs or improvements to a borrower&#8217;s current home, or putting in home efficiency measures.<\/p>\n\n\n\n<p>To show our appreciation for their sacrifice, Contour Mortgage is delighted to provide VA loans to qualified borrowers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-usda-loans\"><span id=\"5-usda-loans\">#5. USDA Loans<\/span><\/h3>\n\n\n\n<p>The USDA Home Loan Program, officially known as the &#8220;USDA 502 Guaranteed Rural Housing Loan Program,&#8221; was created with low-income families and individuals in mind and is backed by the U.S. Department of Agriculture. <\/p>\n\n\n\n<p>It&#8217;s frequently regarded as the perfect mortgage for first-time home purchasers who need help being approved for a traditional loan. However, it may also be used by borrowers who have previously owned a home but still need help to secure other mortgages.<\/p>\n\n\n\n<p>Lower-income customers can get USDA loans from Contour Mortgage to <a href=\"https:\/\/kiiky.com\/wealth\/make-money-from-renting-property\/\" target=\"_blank\" rel=\"noreferrer noopener\">afford a property<\/a> they call &#8220;home.&#8221;<\/p>\n\n\n\n<p>There are USDA loans available for borrowers in remote areas with low to moderate incomes. It provides no-down payment mortgage insurance at low-interest rates.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-reverse-mortgage\"><span id=\"6-reverse-mortgage\">#6. Reverse Mortgage<\/span><\/h3>\n\n\n\n<p>A reverse mortgage is also a contour mortgage product. The Home Equity Conversion Mortgage, which the federal government guarantees, is the most popular type of reverse mortgage. <\/p>\n\n\n\n<p>Because of recent legislation, this program allows purchasing a brand-new home in addition to new, higher borrowing limitations. There are further possibilities, so get in touch with us immediately if you need clarification on which is ideal.<\/p>\n\n\n\n<p>A reverse mortgage can be a fantastic choice if you are over 62 and wish to use the equity in your house to boost your income. With payments required from you once your property is sold or otherwise left vacant, the bank will provide you money each month for a portion of the value of your home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-203-k-rehab-loan\"><span id=\"7-203k-rehab-loan\">#7. 203(k) Rehab Loan<\/span><\/h3>\n\n\n\n<p>This is yet another product of contour mortgage guarantees. FHA 203(k) home renovation loans are a good choice whether you&#8217;re buying a fixer-upper and want to use the extra money to raise the value or to refinance your property so that you can repair it.<\/p>\n\n\n\n<p>Federal government-backed FHA 203(k) Loans are designed for customers who want to purchase an older or damaged home and carry out renovations using approved contractors. <\/p>\n\n\n\n<p>The lender for this kind of home improvement loan provides prospective homeowners with both the funds needed for renovations and the funds required to purchase\u2014or refinance\u2014the home.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-8-coops-condos\"><span id=\"8-coops-condos\">#8. Coops &amp; Condos<\/span><\/h3>\n\n\n\n<p>Explore this house options&#8217; procedure, market value, and financing with Contour Mortgage.<\/p>\n\n\n\n<p>Co-op and condominium financing choices are easily accessible, and the market is in good shape. <\/p>\n\n\n\n<p>When the ideal living situation arises during the home-buying process, Contour Mortgage helps you navigate these specific loan requests and provides the tools you need to easily transition into these living arrangements.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-9-jumbo-loans\"><span id=\"9-jumbo-loans\">#9. Jumbo Loans<\/span><\/h3>\n\n\n\n<p>If you need jumbo loans, a contour mortgage is a right choice. Jumbo Loans go above the Federal Housing Finance Agency&#8217;s restrictions. Fannie Mae or Freddie Mac cannot buy, guarantee, or securitized this form of finance.<\/p>\n\n\n\n<p>Home purchasers must adhere to stricter credit standards than when seeking a traditional loan.<\/p>\n\n\n\n<p>For acceptance, you need excellent credit and an incredibly low debt-to-income ratio.<\/p>\n\n\n\n<p>Down payments are normally between 10% and 15% of the purchase price, and the annual percentage rate (APR) is comparable to conventional mortgages.<\/p>\n\n\n\n<p>Get a Jumbo Mortgage to Buy a High-End Home<\/p>\n\n\n\n<p>Choose a Jumbo Loan from Contour Mortgage if you&#8217;re looking to buy a house, but it&#8217;s out of your price range to get a conventional mortgage.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-10-second-home-investment-property\"><span id=\"10-second-home-investment-property\">#10. Second home \/ Investment property<\/span><\/h3>\n\n\n\n<p>One of the many advantages of buying a second home or investment property is having the money to pursue other interests. Working with the correct broker will help you find a competitive mortgage despite the different terms and conditions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-11-consolidating-debt\"><span id=\"11-consolidating-debt\">#11. Consolidating debt<\/span><\/h3>\n\n\n\n<p>Use low-interest borrowing to pay off debt.<\/p>\n\n\n\n<p>Is the value of your house higher than the price you&#8217;re paying for it? With the help of a debt consolidation mortgage, you can use the additional value of your house to pay off other bills. This can assist you in reducing interest rates and enhancing your general financial situation.<\/p>\n\n\n\n<p>Among the advantages of debt consolidation are:<\/p>\n\n\n\n<ul>\n<li>Easy payment management<\/li>\n\n\n\n<li>Decreased interest rates<\/li>\n\n\n\n<li>Boost credit rating<\/li>\n\n\n\n<li>Reduce stress&nbsp;<\/li>\n\n\n\n<li>Shorten the payment period<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-12-fannie-mae-freddie-mac\"><span id=\"12-fannie-mae-freddie-mac\">#12. Fannie Mae &amp; Freddie Mac<\/span><\/h3>\n\n\n\n<p>Congress created Fannie Mae and Freddie Mac at various points in history to assist people in realizing their dream of owning a home, and they offer the larger mortgage market liquidity, stability, and affordability.<\/p>\n\n\n\n<p>Both Fannie Mae and Freddie Mac are organizations that support mortgages to stimulate the housing market, although each does so in a different way. Let&#8217;s explore how each of them contributes to your effort to become a homeowner.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-13-multifamily-loans\"><span id=\"13-multifamily-loans\">#13. Multifamily Loans<\/span><\/h3>\n\n\n\n<p>Your multifamily property investment could benefit from Contour Mortgage.<\/p>\n\n\n\n<p>Consider a scenario where you&#8217;ve saved a sizeable sum of money and want to use it to increase your investments. The ideal course of action may be to purchase a multifamily property, and the easiest way to do this is to apply for a multifamily loan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-contour-mortgage-website\"><span id=\"what-is-contour-mortgage-website\">What is Contour Mortgage Website?<\/span><\/h2>\n\n\n\n<ul>\n<li>Address:&nbsp;990 Stewart Ave Suite 660, Garden City, NY 11530, United States<\/li>\n\n\n\n<li>Phone:&nbsp;+1 516-385-6900<\/li>\n<\/ul>\n\n\n\n<p>To get more information about Contour Mortgage products and services, click below. &nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.contourmortgage.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Official Website<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions\"><span id=\"frequently-asked-questions\">Frequently Asked Questions<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1673467192159\"><strong class=\"schema-faq-question\">How are interest rates on mortgages set?<\/strong> <p class=\"schema-faq-answer\">The lender determines mortgage interest rates. When deciding a borrower&#8217;s mortgage rate, the lender will consider some variables, including the borrower&#8217;s credit history, down payment amount, or the property&#8217;s value. Inflation, employment growth, and other economic factors beyond the borrower&#8217;s control also influenced the way the lender sets its rates and may raise the risk. <\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1673467224692\"><strong class=\"schema-faq-question\">What distinguishes an interest rate from an APR?<\/strong> <p class=\"schema-faq-answer\">The interest rate is a portion of the overall loan sum paid to the lender each month. The annual percentage rate (APR), which encompasses the interest rate and any extra charges like discount points and other expenditures related to obtaining the loan, is the total borrowing cost expressed in percent of the loan amount.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1673467271785\"><strong class=\"schema-faq-question\">What is a mortgage rate lock?<\/strong> <p class=\"schema-faq-answer\">As long as you close within the term of the rate lock and there are no modifications to your application, a mortgage rate lock ensures that your interest rate won&#8217;t alter between the day your rate is fixed and closing.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1673467300856\"><strong class=\"schema-faq-question\">When should I lock in my mortgage rate?<\/strong> <p class=\"schema-faq-answer\">It might be wise to lock in your mortgage rate if you believe you are getting the best rate possible and you are concerned that the rate will rise. It is best to lock in a mortgage rate when interest rates are at their lowest because mortgage rates fluctuate daily and occasionally even hourly.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1673467331237\"><strong class=\"schema-faq-question\">What exactly is a lender credit?<\/strong> <p class=\"schema-faq-answer\">This is known as lender credit when a lender lends you money to help with closing costs. This is occasionally done in exchange for a greater interest rate. You pay less upfront but more over time because of the higher interest when you get lender credits for a more interest rate.<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\"><span id=\"conclusion\">Conclusion<\/span><\/h2>\n\n\n\n<p>Community involvement is vital to Contour Mortgage. Taking part in and supporting those groups that help bring about genuine change that directly impacts lives is a part of their corporate social responsibility. <\/p>\n\n\n\n<p>They actively support veteran organizations, children&#8217;s causes, animal welfare, and many other causes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-references\"><span id=\"references\">References<\/span><\/h2>\n\n\n\n<ul>\n<li><a href=\"https:\/\/www.contourmortgage.com\/products\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Contourmortgage.com<\/a>&nbsp;&#8211; Contour mortgage products<\/li>\n\n\n\n<li><a href=\"https:\/\/www.contourmortgage.com\/products\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Contourmortgage.com&nbsp;<\/a>&#8211; About contour mortgage<\/li>\n\n\n\n<li><a href=\"https:\/\/www.zillow.com\/lender-profile\/contourhomeloans\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Zillow.com<\/a>&nbsp;&#8211; Contour mortgage corporation<\/li>\n<\/ul>\n\n\n\n<h2 id=\"recommendations\" class=\"wp-block-heading\">Recommendations<\/h2>\n\n\n\n<ul>\n<li><a href=\"https:\/\/kiiky.com\/wealth\/roundpoint-mortgage-review\/\" target=\"_blank\" rel=\"noreferrer noopener\">Roundpoint Mortgage Review in 2023: Interest Rates &amp; Plans<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/kiiky.com\/wealth\/ruoff-home-mortgage\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ruoff Home Mortgage Review 2023: Interest Rates &amp; Plans<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/kiiky.com\/wealth\/trustmark-mortgage\/\" target=\"_blank\" rel=\"noreferrer noopener\">Trustmark Mortgage Review 2023: Interest Rates, &amp; Plans<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/kiiky.com\/wealth\/mutual-of-omaha-mortgage-review\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Mutual of Omaha Mortgage Review 2023: Interest Rates &amp; Plans<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/kiiky.com\/wealth\/vandyk-mortgage-review\/\" target=\"_blank\" rel=\"noreferrer noopener\">Vandyk Mortgage Review 2023: Interest Rates &amp; Plans<\/a><\/li>\n<\/ul>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"A multi-state, full-service mortgage lender, Contour Mortgage assists customers with financing their home purchases, refinances, and renovations. Since&hellip;\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":7,"featured_media":45837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1295],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.6 (Yoast SEO v22.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Contour Mortgage Review: Interest Rates, &amp; Plans<\/title>\n<meta name=\"description\" content=\"Contour Mortgage turns your dream of owning a house into a reality. 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When deciding a borrower's mortgage rate, the lender will consider some variables, including the borrower's credit history, down payment amount, or the property's value. Inflation, employment growth, and other economic factors beyond the borrower's control also influenced the way the lender sets its rates and may raise the risk. ","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/kiiky.com\/wealth\/contour-mortgage-review\/#faq-question-1673467224692","position":2,"url":"https:\/\/kiiky.com\/wealth\/contour-mortgage-review\/#faq-question-1673467224692","name":"What distinguishes an interest rate from an APR?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The interest rate is a portion of the overall loan sum paid to the lender each month. The annual percentage rate (APR), which encompasses the interest rate and any extra charges like discount points and other expenditures related to obtaining the loan, is the total borrowing cost expressed in percent of the loan amount.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/kiiky.com\/wealth\/contour-mortgage-review\/#faq-question-1673467271785","position":3,"url":"https:\/\/kiiky.com\/wealth\/contour-mortgage-review\/#faq-question-1673467271785","name":"What is a mortgage rate lock?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"As long as you close within the term of the rate lock and there are no modifications to your application, a mortgage rate lock ensures that your interest rate won't alter between the day your rate is fixed and closing.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/kiiky.com\/wealth\/contour-mortgage-review\/#faq-question-1673467300856","position":4,"url":"https:\/\/kiiky.com\/wealth\/contour-mortgage-review\/#faq-question-1673467300856","name":"When should I lock in my mortgage rate?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"It might be wise to lock in your mortgage rate if you believe you are getting the best rate possible and you are concerned that the rate will rise. It is best to lock in a mortgage rate when interest rates are at their lowest because mortgage rates fluctuate daily and occasionally even hourly.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/kiiky.com\/wealth\/contour-mortgage-review\/#faq-question-1673467331237","position":5,"url":"https:\/\/kiiky.com\/wealth\/contour-mortgage-review\/#faq-question-1673467331237","name":"What exactly is a lender credit?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"This is known as lender credit when a lender lends you money to help with closing costs. This is occasionally done in exchange for a greater interest rate. You pay less upfront but more over time because of the higher interest when you get lender credits for a more interest rate.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"featured_image_urls":{"full":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1280,720,false],"thumbnail":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review-150x150.jpg",150,150,true],"medium":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review-300x169.jpg",300,169,true],"medium_large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review-768x432.jpg",768,432,true],"large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review-1024x576.jpg",1024,576,true],"1536x1536":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1280,720,false],"2048x2048":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1280,720,false],"pk-small":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",80,45,false],"pk-thumbnail":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",300,169,false],"csco-small":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",80,45,false],"csco-intermediate":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",200,113,false],"csco-thumbnail":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",380,214,false],"csco-thumbnail-alternative":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",300,169,false],"csco-thumbnail-uncropped":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",380,214,false],"csco-medium":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",800,450,false],"csco-medium-alternative":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",560,315,false],"csco-medium-uncropped":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",800,450,false],"csco-large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1160,653,false],"csco-large-uncropped":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1160,653,false],"csco-extra-large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1280,720,false]},"post_excerpt_stackable":"A multi-state, full-service mortgage lender, Contour Mortgage assists customers with financing their home purchases, refinances, and renovations. 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This article has been well-researched and put together to give you a wonderful contour mortgage&hellip;\n","category_list":"<a href=\"https:\/\/kiiky.com\/wealth\/category\/reviews\/\" rel=\"category tag\">Reviews<\/a>","author_info":{"name":"nneoma","url":"https:\/\/kiiky.com\/wealth\/author\/nneoma\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1280,720,false],"thumbnail":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review-150x150.jpg",150,150,true],"medium":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review-300x169.jpg",300,169,true],"medium_large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review-768x432.jpg",768,432,true],"large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review-1024x576.jpg",1024,576,true],"1536x1536":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1280,720,false],"2048x2048":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1280,720,false],"pk-small":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",80,45,false],"pk-thumbnail":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",300,169,false],"csco-small":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",80,45,false],"csco-intermediate":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",200,113,false],"csco-thumbnail":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",380,214,false],"csco-thumbnail-alternative":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",300,169,false],"csco-thumbnail-uncropped":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",380,214,false],"csco-medium":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",800,450,false],"csco-medium-alternative":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",560,315,false],"csco-medium-uncropped":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",800,450,false],"csco-large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1160,653,false],"csco-large-uncropped":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1160,653,false],"csco-extra-large":["https:\/\/kiiky.com\/wealth\/wp-content\/uploads\/sites\/4\/2023\/01\/Contour-Mortgage-Review.jpg",1280,720,false]},"post_excerpt_stackable_v2":"A multi-state, full-service mortgage lender, Contour Mortgage assists customers with financing their home purchases, refinances, and renovations. Since its founding in 1993, Contour Mortgage has prospered by upholding its spirit of entrepreneurship, dominating the market in terms of innovation, and providing excellent customer service. To suit the demands of most homebuyers and homeowners, they offer various residential home loan products. Their professional and continuously educated mortgage creation and operation teams have successfully assisted hundreds of thousands of prospective homebuyers as they worked toward becoming homeowners. 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