Mortgage Loan Disclosures
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*APR = Annual Percentage Rate. The maximum APR that may be imposed is 18%. Subject to credit approval. Rates and rebates subject to change without notice. Loan approval, based on creditworthiness and ability to repay. Other terms and conditions may apply. Advertised rates and terms are subject to change at any time without notice.
Property insurance required.
Contact credit union for mortgage lending area. Appraisals required on all purchases. Financing up to 80% of purchase price or appraised value, whichever is less. Loans with a down payment less than 20% require mortgage insurance which could increase the monthly payment.
ARM = Adjustable Rate Mortgage: Interest rate is variable. Subject to change after a predetermined period and may increase during the life of the loan.
Adjustable Rate Mortgage Payment Example/ 6 Year ARM (Payments do not include taxes or insurance premiums):
| Periods | Rate % | Principle & Interest Payment |
|---|
| First 72 Months |
2.500 |
$355.61 |
| Following 72 Months |
4.000 |
$416.09 |
| Following 72 Months |
5.500 |
$467.37 |
| Following 72 Months |
7.000 |
$505.83 |
| Final 72 Months |
8.500 |
$527.06 |
15, 20 and 30 Year Fixed Rate Mortgages are available on the secondary market. The Credit Union retains the servicing on these loans. Some restrictions apply. Subject to credit approval.
‡Closing costs include: Application Fee, Termite Inspection, Credit Report, and Flood Certification. Closing costs are waived initially but later charged if the loan is paid off prior to the 36 months.
Payment Example (Payments do not include taxes or insurance premiums):
- $150,000 balloon mortgage loan with a 3.550% APR, the monthly payment will be $742.80 for 179 payments, with a balloon payment of $79,794.92 due in 15 years.
- $100,000 mortgage loan with a term of 15 years, with a 3.55% APR, the monthly payment will be $717.51
- $100,000 mortgage loan with a term of 20 years, with a 3.55% APR, the monthly payment will be $582.70
- $100,000 mortgage loan with a term of 30 years, with a 3.55% APR, the monthly payment will be $452.01
