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.
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
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
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.
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
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.