Date: Thu, 18 Dec 1997 13:55:55 GMT Server: WebSitePro/1.1g (S/N WPO-1897) Accept-ranges: bytes Content-type: text/html Last-modified: Mon, 15 Dec 1997 22:23:55 GMT Content-length: 17999 Loan Rates

 

 

 

 

 

FIXED RATE LOANS

All Rates Effective As Of 12/15/97

FHA LOANS

Term Rate Points APR
30 Year 7.625% 0.000% 7.968%
Maximum Loan Amount: $152,362 Maximum LTV: 97%
Payment Example For a 30 year FHA fixed rate loan with a 3% down payment, $60,000 mortgage with a 1.00% origination fee, and an interest rate of 7.625%, the APR would be 7.968% and require 360 monthly P & I payments of $424.68

CONVENTIONAL LOANS
Term Rate Points APR
 

30 yr.

7.250% - 7.271%
7.125% 0.500 7.196%
7.000% 1.000 7.121%
6.875% 1.500 7.045%
15 yr. 7.000% - 7.034%
6.875% 0.500 6.989%
6.750% 1.000 6.944%
6.625% 1.500 6.899%
Maximum loan amount $400,000.
Add 0.250% to fixed rates for jumbo loans over $214,600.
20 and 10 year fixed rates available by reducing the 30 and 15 year fixed rates by 0.125%
Maximum LTV:

30 Year-95%

15 Year-90%

PMI Required above 80%.

Payment Example For a 30 year fixed rate loan with a 20% down payment, $60,000 mortgage with 1.00% point and an interest rate of 7.000%, the APR would be 7.121% and require 360 monthly P & I payments of $399.19
 

ADJUSTABLE RATE LOANS

Product Rate Points APR
1/1 5.750% - 7.957%
5.250% 1.000 7.962%
3/1 6.875% - 7.886%
6.625% 1.000 7.920%
3/3* 6.875% - 8.063%
6.625% 1.000 8.096%
Maximum loan amount $400,000
1 year ARM qualified at fully indexed rate
Index: Weekly average yield on U.S. Treasury securities adjusted to a constant maturity of 1 year. (*3 years)
Margin: 2.75% over 1 or 3 year Treasury Security

3.00% over 1 or 3 year Treasury Security for 2-4 family properties and jumbo loans over $350,000.

Rate Caps 2.00% per period/6.00% lifetime
Floor None
Conversion None
Maximum LTV 90%

PMI required above 80%

Payment Example A 1 Year ARM with 20% down payment, $60,000 mortgage with 1.00% point would have an APR of 7.962% based upon an initital rate of 5.250%, 7.250% for year two (because the rate increase is limited by the 2.00% rate cap), and 8.250% for the remainder of the loan term. The monthly P & I payment during the first year would be $331.32, $407.48 during the second year, and $447.15 during the third and subsequent years. The APR is subject to increase.
Rates and terms are good for one to four family properties only and are subject to change at any time without notice.
Call or E-mail for Additional Examples and Information

Calumet Bancorp Inc.
1350 East Sibley Blvd. Dolton, IL 60419
E-Mail us at
calumet@calumetbancorp.com
Call us at 708-841-9010