The advertised loan is a 30-year fixed loan with a 30-year fully amortizing term with a one year lender paid buy down. A portion of each monthly payment for the first 12 months will be prepaid by the lender and held by the lender to supplement the buyer’s required monthly payment. The buyer required monthly payment is calculated using an interest rate 1% below the note rate for the first 12 months. Initial interest rate is 2.5% for the first 12 months. Based on an example First Trust Deed of $417,000, the initial monthly payment will be $1,647.65 for the first 12 months. After the initial 12 month-period, the interest rate will adjust to the note rate of 3.5% and a payment of $1,872.52. The example is based on an 60% loan-to-value (LTV). The Annual Percentage Rate (APR) is 3.539%. There is no prepayment penalty. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Rates and terms are effective 10/30/2016 and are subject to change without notice. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Conditions and restrictions apply. Not all applicants will qualify.
The advertised today’s rate @no point loan is calculated based on the following scenario: rate/term refinance, credit score 720, loan amount $417,000, 60% loan-to-value.