Home Advantage 10-Year Fixed (Equity Loan Mortgage Alternative)
3.24%*
0.00
3.24%
Example: A 10-year fixed rate mortgage with 0 points; the rate would be 3.24% of $125,000 with 20% down payment, the amount financed would be $100,000 with 120 monthly payments of approximately $976.73 (principal and interest), a finance charge of $17,206.96 bringing the total payment to $117,206.96.
Conventional 30 Year Fixed (360 monthly payments)
3.750%
2.00
3.949%
3.875%
1.00
3.991%
4.000%
0.00
4.033%
Example: A 30-year fixed rate mortgage with 2 points; the rate would be 3.750% of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 monthly payments of approximately $463.12 (principal and interest), a finance charge of $69,431.87 bringing the total payment to $166,720.27.
Conventional 30 Year Bi-Weekly
4.000%
2.00
4.229%
4.125%
1.00
4.259%
4.250%
0.00
4.289%
Example: A 30-year bi-weekly mortgage with 2 points; the rate would be 4.000% with 20% down payment, the amount financed would be $100,000 with 633 bi-weekly payments of approximately $238.71 (principal and interest), a finance charge of $62,681.86 the total payment to $160,260.94.
Conventional 15 Year Fixed (180 monthly payments)
2.750%
2.00
3.051%
2.875%
1.00
3.032%
3.000%
0.00
3.014%
Example: A 15-year fixed rate mortgage with 2 points; the rate would be 2.750% 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 $678.62(principal and interest), a finance charge of $24,480.19 bringing the total payment to $122,151.99.
Conventional 15 Year Bi-Weekly
3.000%
2.00
3.065%
3.125%
1.00
3.190%
3.250%
0.00
3.315%
Example: A 15-year bi-weekly mortgage with 2 points; the rate would be 3.000%. 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 $345.29 (principal and interest), a finance charge of $22,117.93 bringing the total payment to $121,702.49.
APR equals Annual Percentage Rate
Variable Rate Products
Type of Mortgage
Interest Rate
Points
APR
1 Year ARM (Conforming) (360 monthly payments) 2% annual, 6% lifetime cap**
2.375%
2.00
3.078%
2.625%
1.00
3.017%
2.875%
0.00
2.957%
Example: A 1 year Adjustable Rate Mortgage with 2 points; the rate would be 2.375%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $388.65(principal and interest), a finance charge of $51,826.58 bringing the total payment to $148,777.58.
3/1 Year ARM (Conforming) (360 monthly payments) 2% annual, 6% lifetime cap**
2.625%
2.00
3.259%
2.875%
1.00
3.233%
3.125%
0.00
3.208%
Example: A 3 year Adjustable Rate Mortgage with 2 points; the rate would be 2.625%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $401.65 (principal and interest), a finance charge of $55,543.07 bringing the total payment to $152,494.07.
5/1 Year ARM (Conforming) (360 monthly payments) 2% annual, 6% lifetime cap**
3.125%
2.00
3.481%
3.375%
1.00
3.569%
3.625%
0.00
3.657%
Example: A 5 year Adjustable Rate Mortgage with 2 points: the rate would be 3.125%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $428.38 (principal and interest), a finance charge of $61,722.62 bringing the total payment to $161,329.62.
Example: A 3 year Adjustable Rate Mortgage with 0 points; the rate would be 2.375%. Based on a purchase price of $103,000 with 3% down payment, the amount financed would be $100,000 with 360 payments of approximately $388.65 (principal and interest), a finance charge of $45,698.25 bringing the total payment to $145,698.25.
APR equals Annual Percentage Rate
ARM equals Adjustable Rate Mortgage
Effective date 2/3/2012 - Prices are subject to change daily.
All rates assume 80% financing with a 20% down payment, excluding HLPR mortgage. HLPR mortgage assumes 97% financing and 3% down payment.
*Annual Percentage Rate (APR) accurate as of 12/21/2011. APR applies to property refinance only. Rate and terms may change at any time and can only be guaranteed by NECU Mortgage Dept. Offer subject to change without notice. Rates include .25% discount for payments made through payroll deduction or automatic transfer from another NECU account, plus .25% discount for an active Northeast VISA credit card. "Active" defined as having a transaction (purchase, cash advance or payment) in the last 90 days. And, .25% discount for having eChecking or Relationship Checking with eStatements and an active Bill Pay account. "Active" is defined as having used Bill Pay in the last 3 months. NECU must be in first lien position. 1-4 family owner-occupied, primary residence properties in NH and ME only. Property insurance required. Flood insurance may be required. Applications subject to credit approval. 1. No closing costs. Member will be responsible for $400 in closing costs, if the loan is paid off and closed in the first three years.
^For non-conforming rates contact the Mortgage Department Manager. Some restrictions apply. **On an annual basis, the most your rate may increase would be 2%, and it will not increase more than 6% over the life of the loan.
***Certain restrictions do apply. Subject to credit approval. Homebuyers at or below median income levels, exceptions for underserved areas. Family income limits of 100% of FNMA/FHLMC HUD median income published for Rockingham/Strafford counties in NH and York County, Maine. Escrows for Real Estate Taxes and Insurance is required. Minimum of one consumer credit counseling consultation required to underscore member's financial preparedness. Renewal rate (4th year) based upon one-year Treasury constant maturity, plus a margin added of 2.75%. This is subject 1% maximum annual cap, and a 5% lifetime cap from the original rate at inception of loan. The initial 3-Year rate will be set weekly by NECU, reflecting a discount from the national average of 3/1 ARM programs.
The index for all Adjustable Rate Mortgages is the weekly average of the U.S. Treasury securities for the applicable term. The rates on adjustable rate mortgages may increase.The interest rate on the ARMs will adjust periodically and that may result in an increase of the interest rate after closing.
Equal Housing Lender.
All rates are subject to change daily and can only be guaranteed by NECU Mortgage Department. For more information, please call 603-436-1847 or toll free at 1-888-436-1847.
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