Mortgages
| Fixed Rate Products |
|
Type of Mortgage
|
Interest Rate
|
Points
|
APR
|
 Conventional 30 Year Bi-Weekly |
6.000% |
2.00 |
6.264% |
| 6.250% |
1.00 |
6.406% |
| 6.500% |
0.00 |
6.546% |
| Example: A 30-year bi-weekly mortgage with 2 points; the rate would be 6.000%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 633 bi-weekly payments of approximately $299.78 principal and interest), a finance charge of $92,782.95 bringing the total payment to $190,357.07. |
Conventional 30 Year Fixed
(360 monthly payments) |
5.875% |
2.00 |
6.100% |
| 6.125% |
1.00 |
6.257% |
| 6.375% |
0.00 |
6.412% |
| Example: A 30-year fixed rate mortgage with 2 points; the rate would be 5.875% based on a purchase price of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 monthly payments of approximately $591.56(principal and interest), a finance charge of $115,834.68 total payments to $212,952.08 |
Conventional 15 Year Fixed
(180 monthly payments) |
5.375% |
2.00 |
5.746% |
| 5.625% |
1.00 |
5.841% |
| 5.875% |
0.00 |
5.936% |
| Example: A 15-year fixed rate mortgage with 2 points; the rate would be 5.375%. 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 $810.47(principal and interest), a finance charge of $48,724.32 bringing the total payment to $145,883.42. |
| Conventional 15 Year Bi-Weekly |
5.500% |
2.00 |
5.959% |
| 5.750% |
1.00 |
6.037% |
| 6.000% |
0.00 |
6.115% |
| Example: A 15-year bi-weekly mortgage with 2 points; the rate would be 5.500%. 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 $408.54 (principal and interest), a finance charge of $43,674.96 bringing the total payment to $140,829.86. |
APR equals Annual Percentage Rate
| Variable Rate Products |
|
Type of Mortgage
|
Interest Rate
|
Points
|
APR
|
1 Year ARM (Conforming)
(360 monthly payments) |
5.000% |
2.00 |
4.869% |
| 5.250% |
1.00 |
4.803% |
| 5.500% |
0.00 |
4.738% |
| Example: A 1 year Adjustable Rate Mortgage with 2 points; the rate would be 5.000%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $536.82(principal and interest), a finance charge of $88,360.50 bringing the total payment to $185,550.80. |
3 Year ARM (Conforming)
(360 monthly payments) |
5.875% |
2.00 |
5.627% |
| 6.125% |
1.00 |
5.598% |
| 6.375% |
0.00 |
5.570% |
| Example: A 3 year Adjustable Rate Mortgage with 2 points; the rate would be 5.875%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $591.54(principal and interest), a finance charge of $103,952.80 bringing the total payment to $201,070.20. |
5 Year ARM (Conforming)
(360 monthly payments) |
5.875% |
2.00 |
6.024% |
| 6.125% |
1.00 |
6.029% |
| 6.375% |
0.00 |
6.034% |
| Example: A 5 year Adjustable Rate Mortgage with 2 points; the rate would be 5.875%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $591.54(principal and interest), a finance charge of $113,724.13 bringing the total payment to $210,841.53. |
APR equals Annual Percentage Rate
ARM equals Adjustable Rate Mortgage
Effective date 05/13/2008 - Prices are subject to change daily.
|
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