Any change may significantly impact your monthly payment. The current index plus Margin rounded to the nearest 0.125 is 3.000%. Current index (30 day avg SOFR) as of September, 2020 is 0.08467%. After the initial fixed-rate period, your interest rate can increase every six months according to the market index. The monthly payment may change when the interest rate on an adjustable rate mortgage is reset. A payment example would be as follows based on a fully-capped interest rate of the loan: Months 1-60 at 2.250% rate with a payment of $879.17, Months 61-66 at 4.250% rate with a payment of $1,092.05 Months 67-72 at 5.250% rate with a payment of $1,206.10 Months 73-78 at 6.250% rate with a payment of $1,324.01 Months 79-359 at 7.250% rate with a payment of $1,445.33 and Month 360 at 7.250% rate with a payment of $1,445.79. Finance charges include $850 origination fee, $6.70 flood certification fee and $72 tax service fee. Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation.Īdditional example of how an ARM is calculated: On a $230,000, 5/6mo SOFR ARM amortized over 30 years with an initial interest rate of 2.250% with an annual percentage rate of 2.783%, after fixed-period of 5 years the rate may increase every six months individual adjustments are capped at 2% first, 1% subsequent and rate can never increase by more than the lifetime cap of 5%. Rate payment example does not include costs of insurance and taxes therefore, the actual payment obligation will be higher. Rates, terms and conditions effective 08/24/22 are for sample purposes only and subject to change. Please note that if your credit score, down-payment, loan amount, or other characteristics listed are different than the above assumptions, your rate could be higher or lower. The above rate is based off of the following assumptions for your Conventional ARM Loan: Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation. Rate payment example does not include costs of insurance and taxes therefore, the actual payment obligation may be higher. The above rate is based off of the following assumptions for your Jumbo Loan: Please note that if your down-payment or other characteristics listed are different than the above assumptions, your rate could be higher or lower. Finance charges include $1,050 origination fee, $6.70 flood certification fee and $72 tax service fee.Assumes a 1-year construction phase followed by fully amortizing 30-year permanent phase.The above rate is based off of the following assumptions for your Construction Loan: Please note that if your credit score, down payment, loan amount or other characteristics listed are different than the above assumptions, your rate could be higher or lower. Finance charges include $850 origination fee, $6.70 flood certification fee and $72 tax service fee.The above rate is based off of the following assumptions for your Conventional Loan:
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