Kinecta Federal Credit Union
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Home Loans
Home Loans
 
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Rates shown below are those in effect as of , and may be subject to change at any time.

 

 

Disclosures and Assumptions

All applications are subject to credit approval; not all applicants will be approved.  Full income and asset documentation is required.  Loan secured by a lien against your property.  Interest rates, points  and Annual  Percentage Rates (APR’s) may differ by product and State and be adjusted based upon your credit history, loan-to –value (LTV), occupancy, property type, loan amount and loan purpose.  Mortgage loans may not be available in all areas. Estimated payments do not include amounts for taxes and insurance and your actual payment may be greater.

Information displayed above on rates, loan products and fees is the most current available and is subject to change without notice. If you do not lock in a rate when you apply, your rate at closing may differ from the rate in effect when you applied.

The displayed Annual Percentage Rate (APR) for the loan products shown in the table above reflects the interest rate and the approximate cost of prepaid finance charges , including points, but does not  include other costs or discount points.  The actual fees, costs and monthly payment on your specific loan transaction may vary and may include additional fees and costs. For example, loans with LTVs in excess of 80% typically require mortgage insurance which will increase both your APR and monthly payment.

Jumbo Adjustable Rate Mortgages (ARMs)

APRs are based upon a loan amount of $800,000 on a purchase or rate-term refinance with 45 day lock pricing at 70% loan-to-value (LTV), a minimum FICO score of 720 and $2000 in other Prepaid Finance Charges and may differ based upon credit history, LTV, occupancy, loan amount, loan purpose, and income/financial obligations.  Interest rates and payments may increase after consummation.  After the initial fixed period, your interest rate can change annually and any change will impact your monthly payment. On the 5/1 ARM, the initial rate is fixed for the first 60 months and on the 7/1 ARM, the initial rate is fixed for the first 84 months.  Once the fixed rate period ends the rate may change and then every 12 months thereafter based upon the current fully indexed rate in effect at that time. The rounded fully indexed rate is 3.00% which is the current one year LIBOR index plus the margin.

The maximum allowable initial interest rate change is 5 percentage points, the maximum annual interest rate change thereafter is 2 percentage points, the maximum lifetime interest rate change is 5 percentage points above the initial interest rate.

Conforming & Super Conforming Fixed Rate Mortgages

APRs are based upon a purchase or rate-term refinance of $300,000 loan amount for conforming loans ($600,000 for Super Conforming Loans) with 45 day lock pricing at 70% loan-to-value (LTV), and 740 FICO score and $2000 in other Prepaid Finance Charges and may differ based on credit history, LTV, occupancy, loan amount, loan purpose and income/financial obligations.

Jumbo Fixed Rate Mortgages

APRs are based upon a purchase or rate-term refinance of $800,000 with 45 day lock pricing, 70% loan-to-value (LTV), and 740 FICO score and $2000 in other Prepaid Finance Charges and may change based on credit history, LTV, occupancy, loan amount, loan purpose and income/financial obligations.