|
| |
| 30 YEAR Fixed Rate |
| 15 YEAR Fixed Rate |
| 20 YEAR Fixed Rate |
| 10 YEAR Fixed Rate |
| 5/1 ARM |
| 7/1 ARM |
| 30 Year SUPER Conforming |
| 15 Year SUPER Conforming |
Rates last updated on Friday, January 13, 2012
|
30 YEAR Fixed Rate
No matter how many specialty financing products hit the market, no program is as popular as the traditional, fully amortizing, 30 year mortgage product. You get to enjoy the low payments that come with a long term fixed rate mortgage plus the peace of mind in knowing exactly what your monthly payment will be over the duration of the loan.
Term: 30 years
Maximum Amount: $417,000
|
| Rates | APR | Points |
|---|
| 3.75% | 3.801% | 0% |
| |
Recommended, if you:
- plan on staying in your home for greater than 10 years,
- like the security of a fixed rate of interest,
- like the flexibility of prepaying to reduce your overall financing costs and loan duration,
- and like lower monthly payments.
. |
 |
15 YEAR Fixed Rate
A 15 year fixed rate offers the security of a fixed rate program coupled with the accelerated pay down benefits of a shorter term product. Although fifteen years may sound like a long time down the road, you would be amazed at how much more of your payment gets put toward principle with this product rather than that of a 30 year duration (especially at the earlier stages of the loan). Sure, your monthly payment will be higher but the amount of interest paid over the course of the loan will be significantly less.
Term: 15 years
Maximum Amount: $417,000
|
| Rates | APR | Points |
|---|
| 3.125% | 3.215% | 0% |
| |
Recommended, if you:
- plan on living in your home for greater than 10 years
- want a lower rate than a 30 YEAR fixed
- want lower overall financing costs than 30 YEAR fixed
- and most importantly, can manage the monthly payment without impacting your lifestyle.
|
|
20 YEAR Fixed Rate
A 20 year fixed rate offers the security of a fixed rate program coupled with the accelerated pay down benefits of a shorter term product. Although twenty years may sound like a long time down the road, you would be amazed at how much more of your payment gets put toward principle with this product rather than that of a 30 year duration (especially at the earlier stages of the loan). Sure, your monthly payment will be higher but the amount of interest paid over the course of the loan will be significantly less.
Term: 20 years
Maximum Amount: $417,000
|
| Rates | APR | Points |
|---|
| 3.5% | 3.571% | 0% |
|
10 YEAR Fixed Rate
If you are looking for the security of a low fixed rate and can afford the payments, a 10 year mortgage will pay off your loan quickly and save you a tremendous amount of interest over the life of the loan due to the shortened duration of the mortgage.
Term: 10 years
Maximum Amount: $417,000
|
| Rates | APR | Points |
|---|
| 3.125% | 3.256% | 0% |
| |
Recommended, if you plan on:
- living in your home for greater than 5 years,
- living debt-free by paying off your mortgage early,
- and most importantly, can manage the monthly payment without impacting your lifestyle.
|
|
5/1 ARM
ARMs have the following characteristics:
Lower initial monthly payment
Lower payment over a shorter period of time
Rates and payments may go down if rates improve
May qualify for higher loan amounts
Term: 30 years
Maximum Amount: $417,000
|
| Rates | APR | Points |
|---|
| 2.75% | 3.126% | 0% |
| |
Recommended if you will be living in the house for a 3 to 5 year timeframe. The rate is lower than the 7/1 ARM. Keep in mind when trying to decide between a fixed rate and ARM rate the ARM has more risk because:
- Payments may change over time
- Potential for high payments if rates go up
|
|
7/1 ARM
ARMs have the following characteristics:
Lower initial monthly payment
Lower payment over a shorter period of time
Rates and payments may go down if rates improve
May qualify for higher loan amounts
Term: 30 years
Maximum Amount: $417,000
|
| Rates | APR | Points |
|---|
| 3% | 3.184% | 0% |
| |
Recommended if you will be living in the house between 5 to 10 years. Keep in mind when trying to decide between a fixed rate and ARM rate the ARM has more risk because:
- Payments may change over time
- Potential for high payments if rates go up
|
|
30 Year SUPER Conforming
This program is the same as the 30 YEAR fixed rate except:
- it has maximum loan limit of $575,000
- rates are slightly higher
- lending guidelines are more restrictive
Term: 30 years
Maximum Amount: $575,000
|
| Rates | APR | Points |
|---|
| 3.875% | 3.912% | 0% |
|
15 Year SUPER Conforming
This program is the same as the 15 YEAR fixed rate except:
- it has maximum loan limit of $575,000
- rates are slightly higher
- lending guidelines are more restrictive
Term: 15 years
Maximum Amount: $575,000
|
| Rates | APR | Points |
|---|
| 3.375% | 3.441% | 0% |
|
|
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 $417,000 with closing costs of $2,600. 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 $708,750 with closing costs of $3,200. Your actual APR may be different depending upon these factors.
|