Today's refinance rates are based on the refinance of a single-family, primary residence, in TX. This rate assumes a credit score of 740, includes 0.625 in discount points, which is an upfront $1,250.00 included in closing costs below, and assumes the loan will have an escrow account and no cash out. Contact a home mortgage consultant to learn more.
Conforming Loan
7/6-Month ARM | |
---|---|
Interest Rate (may increase after closing) | 6.75% |
APR | 7.564% |
Loan Amount | 200000 |
Down Payment | 25.0% |
Term | 30 yrs |
Time Initial Rate and Payment is in effect | 7 yrs |
Maximum Lifetime Caps Over/Under Original Rate | 5.0% |
Initial Monthly Principal & Interest Payment (Excludes taxes and hazard insurance; total payment will be higher) |
1297 |
First Adjusted Interest Rate (Months 85 - 90) | 8.125% |
First Adjusted Payment (Months 85 - 90)
(Excludes taxes and hazard insurance; total payment will be higher) |
1455 |
Fully Indexed Interest Rate (Months 91 - 360) | 8.125% |
Fully Indexed Payment (Months 91 - 360)
(Excludes taxes and hazard insurance; total payment will be higher) |
1455 |
Closing Costs (includes the cost for required discount points) | 7251 |
Upfront Mortgage Insurance Premium | 0 |
The following table illustrates the minimum and maximum payments over the life of this loan example.
Projected Payments
Payment Calculation | Years 1-7 | Years 8-30 |
---|---|---|
Principal & Interest | $1,297.20 | $888 min. $1,907 max. |
Mortgage Insurance | + 0 | + 0 |
Estimated Total Monthly Payment (Excludes taxes and hazard insurance; total payment will be higher) |
$1,297.20 | $888-$1,907 |
Important disclosures, assumptions and APR Information
General Disclosures
- If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. The payment amount does not include homeowners insurance, flood insurance (if applicable), or property taxes that must be paid in addition to your loan payment.
- The displayed Annual Percentage Rate (APR) is a measure of the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees (such as mortgage insurance, discount points, and origination charges). For home equity lines, the APR simply reflects the interest rate. When shopping for a mortgage, you can use the APR to compare the costs of similar loans between lenders.
- We based the mortgage interest rates shown on a 60-day rate lock period. Under certain circumstances, a 60-day rate lock may not be available. Learn more about your rate lock options and costs.
- These mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual credit score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing.
- The estimated total closing costs above do not constitute and are not a substitute for a loan estimate, which includes an estimate of closing costs you will receive once you apply for a loan. The amounts provided above for Estimated Total Closing Costs, are estimations based on the state selected. This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs, and monthly payment on your specific loan transaction may vary, and may include city, county, or other additional fees and costs.
- If you are a service member on active duty, an eligible spouse, partner, or dependent, or currently receiving SCRA benefits, please consult with your legal advisor prior to seeking a refinance of your existing mortgage loan. In some cases, a refinance may impact your eligibility for benefits under the Servicemembers Civil Relief Act or applicable state law.
Adjustable Rate Mortgages (ARMs)
- Interest rates and payments may increase after consummation. After the initial fixed period, your interest rate may change periodically according to the market index. Any change may significantly impact your monthly payment. Since the index in the future is unknown, the First Adjusted Rate and Payments displayed are based on the current index plus the margin (fully indexed rate) at time of scenario/disclosure.
- For conforming and jumbo ARM interest rates, your new mortgage rate at adjustment will be based on an industry-determined index rate added to a Wells Fargo margin. You'll receive specific index and margin information during the application process.
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