Mortgages
| Fixed Rate Products |
|
Type of Mortgage
|
Interest Rate
|
Points
|
APR
|
 Conventional 30 Year Fixed
(360 monthly payments) |
6.000% |
2.00 |
6.227% |
| 6.250% |
1.00 |
6.383% |
| 6.500% |
0.00 |
6.538% |
| Example: A 30-year fixed rate mortgage with 2 points; the rate would be 6.000% 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 $599.55(principal and interest), a finance charge of $118,731.55 total payments to $215,838.45. |
| Conventional 30 Year Bi-Weekly |
6.125% |
2.00 |
6.391% |
| 6.375% |
1.00 |
6.532% |
| 6.625% |
0.00 |
6.671% |
| Example: A 30-year bi-weekly mortgage with 2 points; the rate would be 6.125%. 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 $303.81 principal and interest), a finance charge of $94,568.26 bringing the total payment to $192,141.70. |
Conventional 15 Year Fixed
(180 monthly payments) |
5.500% |
2.00 |
5.872% |
| 5.750% |
1.00 |
5.967% |
| 6.000% |
0.00 |
6.061% |
| Example: A 15-year fixed rate mortgage with 2 points; the rate would be 5.500%. 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 $817.08(principal and interest), a finance charge of $49,926.83 bringing the total payment to $147,075.43. |
| Conventional 15 Year Bi-Weekly |
5.625% |
2.00 |
6.048% |
| 5.875% |
1.00 |
6.123% |
| 6.125% |
0.00 |
6.197% |
| Example: A 15-year bi-weekly mortgage with 2 points; the rate would be 5.625%. 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 $411.87 principal and interest), a finance charge of $44,223.05 bringing the total payment to $141,799.23. |
APR equals Annual Percentage Rate
| Variable Rate Products |
|
Type of Mortgage
|
Interest Rate
|
Points
|
APR
|
1 Year ARM (Conforming)
(360 monthly payments) |
4.625% |
2.00 |
5.064% |
| 4.875% |
1.00 |
4.998% |
| 5.125% |
0.00 |
4.932% |
| Example: A 1 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 $92,982.86 bringing the total payment to $190,204.36 |
3 Year ARM (Conforming)
(360 monthly payments) |
5.375% |
2.00 |
5.594% |
| 5.625% |
1.00 |
5.565% |
| 5.875% |
0.00 |
5.536% |
| Example: A 3 year Adjustable Rate Mortgage with 2 points; the rate would be 5.375%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $559.97(principal and interest), a finance charge of $104,431.50 bringing the total payment to $201,590.00 |
5 Year ARM (Conforming)
(180 monthly payments) |
5.625% |
2.00 |
6.000% |
| 5.875% |
1.00 |
6.005% |
| 6.125% |
0.00 |
6.011% |
| Example: A 5 year Adjustable Rate Mortgage with 2 points: the rate would be 5.625%. Based on a purchase of $125,000 with 20% down payment, the amount financed would be $100,000 with 360 month payments of approximately $575.66(principal and interest), a finance charge of $114,293.89 bringing the total payment to $211,431.99 |
APR equals Annual Percentage Rate
ARM equals Adjustable Rate Mortgage
Effective date 09/04/2008 - Prices are subject to change daily.
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