Mortgages
| Fixed Rate Products |
|
Type of Mortgage
|
Interest Rate
|
Points
|
APR
|
 Conventional 30 Year Fixed
(360 monthly payments) |
4.750% |
2.00 |
4.960% |
| 5.000% |
1.00 |
5.123% |
| 5.250% |
0.00 |
5.285% |
| Example: A 30-year fixed rate mortgage with 2 points; the rate would be 4.750% of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 monthly payments of approximately $521.65(principal and interest), a finance charge of $90,580.49 bringing the total payment to $187,791.79. |
| Conventional 30 Year Bi-Weekly |
5.000% |
2.00 |
5.245% |
| 5.250% |
1.00 |
5.395% |
| 5.500% |
0.00 |
5.543% |
| Example: A 30-year bi-weekly mortgage with 2 points; the rate would be 5.000% with 20% down payment, the amount financed would be $100,000 with 633 bi-weekly payments of approximately $268.41 principal and interest), a finance charge of $78,029.65 the total payment to $175,609.25. |
Conventional 15 Year Fixed
(180 monthly payments) |
4.125% |
2.00 |
4.483% |
| 4.375% |
1.00 |
4.583% |
| 4.625% |
0.00 |
4.684% |
| Example: A 15-year fixed rate mortgage with 2 points; the rate would be 4.125% 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 $745.97(principal and interest), a finance charge of $37,010.72 bringing the total payment to $134,273.92. |
| Conventional 15 Year Bi-Weekly |
4.375% |
2.00 |
4.780% |
| 4.625% |
1.00 |
4.862% |
| 4.875% |
0.00 |
4.944% |
| Example: A 15-year bi-weekly 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 344 bi-weekly payments of approximately $379.31 principal and interest), a finance charge of $34,561.02 bringing the total payment to $132,144.04. |
APR equals Annual Percentage Rate
| Variable Rate Products |
|
Type of Mortgage
|
Interest Rate
|
Points
|
APR
|
1 Year ARM (Conforming)
(360 monthly payments) |
2.625% |
2.00 |
3.115% |
| 2.875% |
1.00 |
3.135% |
| 3.125% |
0.00 |
3.156% |
| Example: A 1 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 $54,237.59 bringing the total payment to $153,625.89. |
3 Year ARM (Conforming)
(360 monthly payments) |
4.125% |
2.00 |
4.328% |
| 4.375% |
1.00 |
4.302% |
| 4.625% |
0.00 |
4.276% |
| Example: A 3 year Adjustable Rate Mortgage with 2 points; the rate would be 4.125%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $484.65(principal and interest), a finance charge of $77,210.75 bringing the total payment to $174,473.95. |
5 Year ARM (Conforming)
(180 monthly payments) |
4.625% |
2.00 |
5.237% |
| 4.875% |
1.00 |
5.243% |
| 5.125% |
0.00 |
5.249% |
| Example: A 5 year Adjustable Rate Mortgage with 2 points: the rate would be 4.625%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $514.14(principal and interest), a finance charge of $96,800.57 bringing the total payment to $193,022.07. |
APR equals Annual Percentage Rate
ARM equals Adjustable Rate Mortgage
Effective date 11/19/2009 - Prices are subject to change daily.
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