|
|
|
|
 |
|
| |
| 30 Year Fixed Rate |
| 15 Year Fixed Rate |
| Pick-a-Payment Loan |
| Home Equity Line of Credit (HELOC) |
| 3/1 ARM (Adjustable Rate Mortgage) |
| 5/1 ARM (Adjustable Rate Mortgage) |
|
30 Year Fixed Rate
Description: This loan carries a fixed rate and payment for 30 years.
Benefits: Your payment will not change for the duration of your loan, even if interest rates rise.
To Consider: Fixed rate mortgages generally carry a higher rate than adjustable rate mortgages. If interest rates fall, you will only receive a lower rate if you refinance the loan.
Apply now
Term: 30 years
Maximum Amount: $359,650
|
 |
15 Year Fixed Rate
Description: This loan carries a fixed rate and payment for 15 years.
Benefits: Your payment will not change for the duration of your loan, even if interest rates rise. By paying off your loan over 15 years, instead of 30, you will build equity in your home at a much faster rate. 15 year loans also offer rates significantly lower than 30 year loans.
To Consider: Fixed rate mortgages generally carry a higher rate than adjustable rate mortgages. If interest rates fall, you will only receive a lower rate if you refinance the loan. Also, by amortizing your loan over 15 years, you are obligating yourself to a larger payment.
Apply now
Term: 15 years
Maximum Amount: $359,650
|
|
Pick-a-Payment Loan
Description: This loan offers you the choice of four payment options each month, 30 year, 15 year, interest only and minimum payment. The loan has a super-low minimum payment rate. The interest rate adjusts monthly, but the payments are based on the minimum payment rate for the first year. After that, the payment will increase only slightly.
Benefits: By having a payment based on the minimum payment rate, you may be able to afford a larger loan than you would be able to with a traditional mortgage. The monthly payment options give you the flexibility to repay the loan according to your needs.
To Consider: Although this loan offers a low payment, the interest rate is adjustable. Depending on the actual rate and your payment choice, this loan has the potential for negative amortization. This means that your balance may increase over time, rather than decrease, if your minimum payment does not exceed the amount of interest due.
Apply now
Term: 30 years
Maximum Amount: $1,500,000
|
|
Home Equity Line of Credit (HELOC)
Description: This is a line of credit that is secured as a second mortgage, or in some cases a first mortgage, on your property. The loan offers a maximum line of credit that can be drawn against and repaid over the first 5 or 10 years. The remaining balance is then paid off over the subsequent 10 or 15 year period.
Benefits: This type of loan offers flexibility like no other. You may access the credit line by a checkbook or a credit card that will be issued to you. There are flexible payment options as well.
To Consider: This loan functions similarly to a credit card. If you make only minimum payments, your balance will not decrease as fast as it would with a fully amortized loan. Also, the rate is adjustable and may change monthly.
Apply now
Term: 20 years
Maximum Amount: $200,000
|
|
3/1 ARM (Adjustable Rate Mortgage)
Description: This loan has a fixed rate and payment for the first 3 years. After that, the rate and payment adjusts annually. During the adjustable portion of the loan, the rate increase or decrease is capped each year. Also, there is a lifetime cap that sets a maximum limit for the rate over the term of the loan.
Benefits: Your rate and payment for this loan is generally less than for a fixed rate mortgage. If you anticipate rates to fall in the future, or if you intend to sell or refinance the property within 3 years, this may be a desirable loan to select.
To Consider: If you retain your property and do not refinance this loan before 3 years, you are subject to the adjustable rate. Depending on the interest rate environment at that time, your rate and payment may increase significantly.
Apply now
Term: 30 years
Maximum Amount: $359,650
|
|
5/1 ARM (Adjustable Rate Mortgage)
Description: This loan has a fixed rate and payment for the first 5 years. After that, the rate and payment adjusts annually. During the adjustable portion of the loan, the rate increase or decrease is capped each year. Also, there is a lifetime cap that sets a maximum limit for the rate over the term of the loan.
Benefits: Your rate and payment for this loan is generally less than for a fixed rate mortgage. If you anticipate rates to fall in the future, or if you intend to sell or refinance the property within 5 years, this may be a desirable loan to select.
To Consider: If you retain your property and do not refinance this loan before 5 years, you are subject to the adjustable rate. Depending on the interest rate environment at that time, your rate and payment may increase significantly.
Apply now
Term: 30 years
Maximum Amount: $359,650
|
|
|
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $359,650 with closing costs of $10,790. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $30,000. Your actual APR may be different depending upon these factors.
|
|
|
|
|