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for purchase and refinance loans is generally based on the following criteria: a borrower with good to excellent credit and average income seeking a loan for a single family, owner occupied one unit dwelling with 30% down payment (or 70% loan to value ratio). The Annual Percentage Rate (APR) is %.
Example assumes a 30-year adjustable rate mortgage (ARM) with a rate of %, Annual Percentage Rate (APR) of % and up to 2% loan origination/discount points due at closing. Rates and APRs may vary depending on loan details, such as points, loan amount, loan-to-value, your credit, property type, and occupancy. The example assumes a credit score of 780 or greater with a loan to value (LTV) of 70% or less on a primary residence. After the initial fixed rate period of this ARM loan, the interest rate and payment will adjust every year. The potential interest on the example loan after the initial fixed rate period could be about 4.11% based on an ARM index of 1.184% (LIBOR index) and an ARM margin of 2.25%. The corresponding monthly payment at 4.11% would be
Important Facts about Adjustable Rate Mortgage Loans. Whether you are buying a house or refinancing your mortgage, this information can help you decide if an ARM is right for you. ARMs can be complicated. If you do not understand how they work, you should not sign any loan contracts, and you might want to consider other loans. With an ARM, the interest rate on your loan is not fixed. Instead, it changes over time according to a formula - typically, a base interest rate (index) plus a certain percent (margin) (for example, Libor plus 3 percent). So, if the base interest rate increases, your interest rate and monthly payment will also increase. Please see the lenders' websites for the specific disclosures related to loans offered by our lenders.
This example rate was last updated on and includes up to 2 points.
Rate and APR and other terms may vary from those displayed based on the creditworthiness of the borrower, the type of dwelling, whether the borrower is self-employed, the location of the property and other factors. The rates and terms you are offered are the responsibility of the lender and will vary based upon your loan request as determined by the lenders to whom you are matched. There is a possibility that you may not be matched with the lender making this example offer. Not available in all states. Advertised rates are subject to change.
Savings based on a refinancing a 30-year fixed-rate mortgage with a 7.25% interest rate with one at a 5.5% interest rate. The difference in savings is approximately $100 per month for every $100,000 financed. This analysis does not consider any closing costs or the effect of possibly lengthening the term of the loan. On a 500,000 loan the monthly savings would be $500 which is $6,000 annually and $180,000 over the life of loan. This is not a credit advertisement for any particular program or an offered or marketed rate.