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Refinance Rate Assumptions and APR Information

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Today's purchase rates are based on the purchase of a single-family, primary residence, in TX. This rate assumes a credit score of 740, includes 0.875 in discount points, which is an upfront $1,750.00 included in closing costs below, and assumes the loan will have an escrow account. Contact a home mortgage consultant to learn more.

Government Loan

30-Year Fixed-Rate VA
Interest Rate 6.5%
APR 6.833%
Loan Amount (excluding VA funding fee) 200000
Down Payment 0.0%
Term 30 yrs
Monthly Principal & Interest Payment
(Excludes taxes and hazard insurance; total payment will be higher)
1264
Closing Costs (includes VA funding fee and the cost for required discount points) 10202
Upfront Mortgage Insurance Premium 0
Rates, terms, and fees as of 3/18/2024 10:15 AM Eastern Daylight Time and subject to change without notice.

The following table illustrates the minimum and maximum payments over the life of this loan example.

Projected Payments

Payment Calculation Years 1-30
Principal & Interest $1,264.14
Mortgage Insurance + 0
Estimated Total Monthly Payment

(Excludes taxes and hazard insurance; total payment will be higher)

$1,264.14

Important disclosures, assumptions and APR Information

General Disclosures

  • 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 30-day rate lock period. Under certain circumstances, a 30-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.

VA

  • Up to 100% financing may be available for qualified borrowers. Most VA loans require the borrower to pay a 'funding fee'. This fee may be paid out of pocket or financed into the loan amount. At the direction of the United States Congress and the Department of Veterans Affairs VA Funding Fees may increase or decrease without notice.
  • If you meet the eligibility requirements of the VA program, gifts or grants may be used for down payments.
  • Dedicated team and specialized services for military members and veterans.

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Fully Indexed Payment

The amount of the principal and interest payment calculated when using the fully indexed rate.

Fully Indexed Interest Rate

The fully indexed interest rate is equal to the margin plus the index (an economic indicator used to determine changes in the interest rate).

First Adjusted Payment

After the end of the initial fixed-rate period, the first adjusted payment reflects the new principal and interest payment that's due each month on an adjustable-rate mortgage. Future payments can’t be predicted, so it’s estimated using the first adjusted interest rate. Interest rate adjustments may significantly increase or decrease the payment amount due.

First Adjusted Interest Rate

Estimate of the new interest rate on an adjustable-rate loan when it first adjusts after the fixed-rate period. Future rates can't be predicted, so it's estimated by adding the current index rate to the margin (subject to first adjustment cap).

Jumbo

A loan that exceeds Fannie Mae's and Freddie Mac's loan limits. Also called a non-conforming loan.

Larger Loan Amounts in Eligible Areas

In federally designated metropolitan areas, conventional and government loan limits have been increased to assist homebuyers.

Government

A loan that is either backed by the Federal Housing Administration (FHA) or a VA loan for eligible service members and veterans.

Conventional Conforming Mortgage

Conventional home mortgages eligible for sale and delivery to either the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC).

Annual Percentage Rate (APR)

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. For home equity lines, the APR is just the interest rate.

Interest Rate

The cost a customer pays to a lender for borrowing funds over a period of time expressed as a percentage rate of the loan amount.