Mortgages
| Fixed Rate Products |
|
Type of Mortgage
|
Interest Rate
|
Points
|
APR
|
 Conventional 30 Year Fixed
(360 monthly payments) |
4.125% |
2.00 |
4.328% |
| 4.375% |
1.00 |
4.494% |
| 4.625% |
0.00 |
4.659% |
| Example: A 30-year fixed rate mortgage with 2 points; the rate would be 4.125% of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 monthly payments of approximately $484.65 (principal and interest), a finance charge of $77,216.75 bringing the total payment to $174,473.95. |
| Conventional 30 Year Bi-Weekly |
4.375% |
2.00 |
4.610% |
| 4.625% |
1.00 |
4.764% |
| 4.875% |
0.00 |
4.916% |
| Example: A 30-year bi-weekly mortgage with 2 points; the rate would be 4.375% with 20% down payment, the amount financed would be $100,000 with 633 bi-weekly payments of approximately $249.64 (principal and interest), a finance charge of $68,488.01 the total payment to $166,065.03. |
Conventional 15 Year Fixed
(180 monthly payments) |
3.375% |
2.00 |
3.681% |
| 3.625% |
1.00 |
3.785% |
| 3.875% |
0.00 |
3.890% |
| Example: A 15-year fixed rate mortgage with 2 points; the rate would be 3.375% 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 $708.76 (principal and interest), a finance charge of $29,957.11 bringing the total payment to $127,576.71. |
| Conventional 15 Year Bi-Weekly |
3.625% |
2.00 |
3.691% |
| 3.875% |
1.00 |
3.942% |
| 4.125% |
0.00 |
4.193% |
| Example: A 15-year bi-weekly mortgage with 2 points; the rate would be 3.625%. 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 $360.52 (principal and interest), a finance charge of $26,838.21 bringing the total payment to $126,419.35. |
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 |
3.162% |
| 2.875% |
1.00 |
3.101% |
| 3.125% |
0.00 |
3.041% |
| 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 $53,736.55 bringing the total payment to $151,337.55. |
3 Year ARM (Conforming)
(360 monthly payments) |
3.625% |
2.00 |
3.657% |
| 3.875% |
1.00 |
3.713% |
| 4.125% |
0.00 |
3.770% |
| Example: A 3 year Adjustable Rate Mortgage with 2 points; the rate would be 3.625%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $456.05 (principal and interest), a finance charge of $64,571.63 bringing the total payment to $164,178.63. |
5 Year ARM (Conforming)
(180 monthly payments) |
3.750% |
2.00 |
4.103% |
| 4.000% |
1.00 |
4.193% |
| 4.250% |
0.00 |
4.283% |
| Example: A 5 year Adjustable Rate Mortgage with 2 points: the rate would be 3.750%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $463.12 (principal and interest), a finance charge of $74,574.96 bringing the total payment to $174,181.96. |
APR equals Annual Percentage Rate
ARM equals Adjustable Rate Mortgage
Effective date 09/03/2010 - Prices are subject to change daily.
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