Maximum loan amount: $417,000
Rates change annually after 10 years
-
Maximum loan to value ratio:
- 95%*
- 95% - No cash
- 90% - Cash
- Purchase
* Rate will be .25% higher than the current posted rate for purchases with Loan to Value Ratio over 90%
- Refinance
-
Term:
- 30 years
-
Closing Costs:
- Estimated at 3% of the amount you borrow for attorney fees, title insurance, mortgage, recording fees, .25% commitment fee, etc.
- We will require funding of an escrow account for the payment of Real Estate Taxes, Homeowners insurance, Flood Insurance (if applicable), and Private Mortgage Insurance (if applicable).
-
Annual Adjustment Cap:
- Rate fixed for the first 10 years.
- After 10 years rate can go up or down 5% at the first adjustment.
- Following the first adjustment rate can go up or down 2% each year
- Index = 1 year T-Bill + 3%
- Rounded to the nearest 1/8 of 1%
-
Lifetime Adjustment Cap:
- 5%
- Rate will not be greater than 5% over the initial interest rate.
-
Rate Lock-Ins:
- Closing rate is set 48 hours prior to closing if a lock-in has not been selected
- 30 day rate lock: ½ point, non refundable fee
- 60 day rate lock: 1 point, non-refundable fee
- 90 day rate lock: 1 ½ points, non-refundable fee
-
Rate Buy-Downs
- 1 Point = ¼% Rate Reduction
- 2 Points = ½% Rate Reduction
- * Rate will be .25% higher than the current posted rate for purchases and refinances with Loan to Value Ratio over 90%
