Adjustable Rate Mortgages
Adjustable Rate - Servicing Retained
| Product Description | Points | Interest Rate | APR | $ Per $1000 |
|---|---|---|---|---|
| 10/1 Adjustable Rate | 0.00 | 5.750% | 6.338% | $5.84 |
| 7/1 Adjustable Rate | 0.00 | 5.500% | 6.443% | $5.68 |
| 5/1 Adjustable Rate | 0.00 | 5.250% | 6.556% | $5.52 |
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Annual Percentage Rate (APR) is subject to change without notice. APR assumes a single family owner occupied purchase, 20% down payment, loan amount of $200,000.00 and a credit score of 720. Adjustable Rate mortgages offer an initial rate that is fixed for a 5 year, 7 year or 10 year period and will adjust annually thereafter. The rate is a variable rate and may increase after consummation. The APR is based on the fully indexed rate and will adjust based on the current market conditions. The Index used is The One-Year Treasury with Constant Maturity plus a margin of 2.750%. There is a 2% cap per adjustment and a 6% cap over the life of the loan Payments noted do not include amounts for taxes and insurance premiums, the actual payment obligation may be greater if an escrow account is established. Property insurance is required. Maximum Loan Amount is $647,200.00. Subject to credit approval.
Jumbo Adjustable Rate - Servicing Retained
| Product Description | Points | Interest Rate | APR | $ Per $1000 |
|---|---|---|---|---|
| 10/1 Jumbo Adjustable Rate | 0.00 | 6.000% | 6.518% | $6.00 |
| 7/1 Jumbo Adjustable Rate | 0.00 | 5.500% | 6.481% | $5.68 |
| 5/1 Jumbo Adjustable Rate | 0.00 | 5.250% | 6.600% | $5.52 |
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Annual Percentage Rate (APR) is subject to change without notice. APR assumes a single family owner occupied purchase, 20% down payment, loan amount of $647,300.00 and a credit score of 740. Adjustable Rate mortgages offer an initial rate that is fixed for a 5 year, 7 year or 10 year period and will adjust annually thereafter. The rate is a variable rate and may increase after consummation. The APR is based on the fully indexed rate and will adjust based on the current market conditions. The Index used is The One-Year Treasury with Constant Maturity plus a margin of 2.875%. There is a 2% cap per adjustment and a 6% cap over the life of the loan Payments noted do not include amounts for taxes and insurance premiums, the actual payment obligation may be greater if an escrow account is established. Property insurance is required. Loan Amount in excess of $647,200.00. Subject to credit approval.
First Time Homebuyer - Adjustable Rate - Servicing Retained
| Product Description | Points | Interest Rate | APR | $ Per $1000 |
|---|---|---|---|---|
| 10/1 FTHB Adjustable Rate | 0.00 | 5.625% | 6.025% | $5.76 |
| 7/1 FTHB Adjustable Rate | 0.00 | 5.375% | 6.016% | $5.60 |
| 5/1 FTHB Adjustable Rate | 0.00 | 5.125% | 6.066% | $5.44 |
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Annual Percentage Rate (APR) is subject to change without notice. APR assumes a single family owner occupied purchase, 20% down payment, loan amount of $200,000.00 and a credit score of 720. Adjustable Rate mortgages offer an initial rate that is fixed for a 5 year or 7 year period and will adjust annually thereafter. The rate is a variable rate and may increase after consummation. The APR is based on the fully indexed rate and will adjust based on the current market conditions. The Index used is The One-Year Treasury with Constant Maturity plus a 2.625% Margin. There is a 2% cap per adjustment and a 6% cap over the life of the loan. Payments noted do not include amounts for taxes and insurance premiums, the actual payment obligation may be greater if an escrow account is established. Property insurance is required. Maximum Loan Amount is $647,200.00. Subject to credit approval.