Maximum loan amount: $417,000
Rates change annually after 3 years
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Maximum loan to value ratio:
- 95%
- 95% - No cash
- 90% - Cash
- Purchase
- Refinance
Rate will be .25% higher than the current posted rate for purchases and refinance transactions with Loan to Value Ratio over 90%
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Term:
- 30 years
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Closing Costs:
- Estimated at 3% of the amount you borrow for attorney fees, title insurance, mortgage, recording fees
- .25% commitment fee.
- 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).
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Annual Adjustment Cap:
- Rate fixed for the first 3 years.
- 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%
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Lifetime Adjustment Cap:
- 6%
- Rate will not be greater than 6% over the initial interest rate.
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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
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Rate Buy-Downs
- 1 Point = ¼% Rate Reduction
- 2 Points = ½% Rate Reduction
- ALL RATES AND TERMS ARE SUBJECT TO CHANGE WITHOUT NOTICE.
