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 |