Mortgages
| Fixed Rate Products |
|
Type of Mortgage
|
Interest Rate
|
Points
|
APR
|
 Conventional 30 Year Fixed
(360 monthly payments) |
4.875% |
2.00 |
5.087% |
| 5.125% |
1.00 |
5.249% |
| 5.375% |
0.00 |
5.410% |
| Example: A 30-year fixed rate mortgage with 2 points; the rate would be 4.875% of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 monthly payments of approximately $529.21(principal and interest), a finance charge of $93,313.49 bringing the total payment to $190,514.29. |
| Conventional 30 Year Bi-Weekly |
5.125% |
2.00 |
5.375% |
| 5.375% |
1.00 |
5.521% |
| 5.625% |
0.00 |
5.668% |
| Example: A 30-year bi-weekly mortgage with 2 points; the rate would be 5.125% with 20% down payment, the amount financed would be $100,000 with 633 bi-weekly payments of approximately $272.24 principal and interest), a finance charge of $79,916.10 the total payment to $177,495.02. |
Conventional 15 Year Fixed
(180 monthly payments) |
4.250% |
2.00 |
4.609% |
| 4.500% |
1.00 |
4.709% |
| 4.750% |
0.00 |
4.809% |
| Example: A 15-year fixed rate mortgage with 2 points; the rate would be 4.250% Based on a purchase price of $125,000 with 20% down payment, the amount financed would be $100,000 with 180 monthly payments of approximately $752.28(principal and interest), a finance charge of $38,157.33 bringing the total payment to $135,410.03. |
| Conventional 15 Year Bi-Weekly |
4.500% |
2.00 |
4.907% |
| 4.750% |
1.00 |
4.988% |
| 5.000% |
0.00 |
5.069% |
| Example: A 15-year bi-weekly mortgage with 2 points; the rate would be 4.500%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 344 bi-weekly payments of approximately $382.50 principal and interest), a finance charge of $35,521.13 bringing the total payment to $133,103.47. |
APR equals Annual Percentage Rate
| Variable Rate Products |
|
Type of Mortgage
|
Interest Rate
|
Points
|
APR
|
1 Year ARM (Conforming)
(360 monthly payments) |
2.750% |
2.00 |
3.284% |
| 3.000% |
1.00 |
3.225% |
| 3.250% |
0.00 |
3.166% |
| Example: A 1 year Adjustable Rate Mortgage with 2 points; the rate would be 2.750%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $408.24(principal and interest), a finance charge of $56,395.50 bringing the total payment to $153,773.30. |
3 Year ARM (Conforming)
(360 monthly payments) |
4.375% |
2.00 |
4.484% |
| 4.625% |
1.00 |
4.458% |
| 4.875% |
0.00 |
4.432% |
| Example: A 3 year Adjustable Rate Mortgage with 2 points; the rate would be 4.375%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $499.29(principal and interest), a finance charge of $80,302.21 bringing the total payment to $177,544.71 |
5 Year ARM (Conforming)
(180 monthly payments) |
4.750% |
2.00 |
5.195% |
| 5.000% |
1.00 |
5.201% |
| 5.250% |
0.00 |
5.208% |
| Example: A 5 year Adjustable Rate Mortgage with 2 points: the rate would be 4.750%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $521.65(principal and interest), a finance charge of $96,560.54 bringing the total payment to $193,771.84. |
APR equals Annual Percentage Rate
ARM equals Adjustable Rate Mortgage
Effective date 11/06/2009 - Prices are subject to change daily.
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