Mortgage Refinance
- Step: Select a Loan, Property Location and Type of Home
- Step: Property, Loan and Financial Info
- Step: Contact Info
* For the '$150,000 loan for $438 per month promotion' please note: Rate is variable and subject to change. After the initial fixed-rate period, the rate will adjust every 6 months. The initial, minimum payment on a 30-year $150,000, 5-year Adjustable Rate Loan and 80% LTV is $438, with 0.50 points due at closing. The minimum payment is based on a rate that is implied solely for the purpose of calculating the minimum payment which in this example is 3.5%. Interest will accrue at a rate of 6.50%. Paying only the minimum payment will result in deferred interest or negative amortization since you will not be paying all of the interest that is owed each month. The unpaid interest is added to principal. Interest can be deferred until the outstanding principal balance is 15% (10% in New York) higher than the original loan amount. If the maximum limit is reached during the first 5 years, the payment automatically converts to an interest only payment. In this example, the maximum limit will be reached in the 53rd month, which is when the loan amount reaches $172,500.00. At this point, the minimum payment will convert to an interest-only payment of $934.12. After 5 years, the interest only payment is $1,077.84. After 10 years, the principal and interest payment is $1389.28. The Annual Percentage Rate is 7.324%. Rates could change daily. Actual payments and rates may vary depending on individual client situation and current rates. Some restrictions may apply.
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