Mortgages
| Fixed Rate Products |
|
Type of Mortgage
|
Interest Rate
|
Points
|
APR
|
 Conventional 30 Year Fixed
(360 monthly payments) |
4.625% |
2.00 |
4.834% |
| 4.875% |
1.00 |
4.998% |
| 5.125% |
0.00 |
5.160% |
| Example: A 30-year fixed rate mortgage with 2 points; the rate would be 4.625% of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 monthly payments of approximately $514.14 (principal and interest), a finance charge of $87,868.64 bringing the total payment to $185,090.14. |
| Conventional 30 Year Bi-Weekly |
4.875% |
2.00 |
5.118% |
| 5.125% |
1.00 |
5.269% |
| 5.375% |
0.00 |
5.417% |
| Example: A 30-year bi-weekly mortgage with 2 points; the rate would be 4.875% with 20% down payment, the amount financed would be $100,000 with 633 bi-weekly payments of approximately $264.60 (principal and interest), a finance charge of $76,137.78 the total payment to $173,718.06. |
Conventional 15 Year Fixed
(180 monthly payments) |
4.000% |
2.00 |
4.356% |
| 4.250% |
1.00 |
4.458% |
| 4.500% |
0.00 |
4.559% |
| Example: A 15-year fixed rate mortgage with 2 points; the rate would be 4.000% 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 $739.69 (principal and interest), a finance charge of $35,818.09 bringing the total payment to $133,143.79. |
| Conventional 15 Year Bi-Weekly |
4.250% |
2.00 |
4.681% |
| 4.500% |
1.00 |
4.766% |
| 4.750% |
0.00 |
4.851% |
| Example: A 15-year bi-weekly mortgage with 2 points; the rate would be 4.250%. 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 $376.14 (principal and interest), a finance charge of $31,927.78 bringing the total payment to $131,185.58. |
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 |
3.277% |
| 2.875% |
1.00 |
3.216% |
| 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 $56,018.89 bringing the total payment to $153,625.89. |
3 Year ARM (Conforming)
(360 monthly payments) |
4.125% |
2.00 |
4.162% |
| 4.375% |
1.00 |
4.220% |
| 4.625% |
0.00 |
4.278% |
| 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 $74,913.95 bringing the total payment to $174,473.95. |
5 Year ARM (Conforming)
(180 monthly payments) |
4.625% |
2.00 |
5.147% |
| 4.875% |
1.00 |
5.153% |
| 5.125% |
0.00 |
5.160% |
| 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 $95,800.57 bringing the total payment to $193,022.07. |
APR equals Annual Percentage Rate
ARM equals Adjustable Rate Mortgage
Effective date 03/09/2010 - Prices are subject to change daily.
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