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Refinance Rate Assumptions and APR Information

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Today’s refinance rates are based on the refinance of a single-family, primary residence, a credit score of 740, and assumes the loan will have an escrow account.

Government Loan

30-Year Fixed-Rate FHA
Interest Rate 4.375%
APR 5.414%
Loan Amount (excluding upfront MIP) 200000
Down Payment 3.5%
Term 30 yrs
Monthly Principal & Interest Payment
(Excludes taxes and hazard insurance; total payment will be higher)
1157
Closing Costs (includes upfront MIP) 6716
Upfront Mortgage Insurance Premium 3500
Rates, terms, and fees as of 3/24/2017 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 $1,016.05
Mortgage Insurance + 141
Estimated Total Monthly Payment

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

$1,157

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 fees). 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.
  • Mortgage interest rates shown are based on a 60-day rate lock period. Under certain circumstances, a 60-day rate lock may not be available.
  • These mortgage rates are based upon a variety of assumptions and conditions which include a consumer credit score which 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, than 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, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.

FHA

  • FHA loans require both an upfront and in most cases, an annual mortgage insurance premium. The premium varies based on the individual loan characteristics. In many instances, you may find FHA to be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.
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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
New estimated monthly principal-and-interest payment when the interest rate on an adjustable-rate loan is reset. After the initial fixed-rate period, your interest rate can fluctuate annually, which may significantly impact your monthly payment.

First Adjusted Interest Rate
Estimate of the 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 calculated 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
A mortgage that is not obtained under a government program (FHA or VA) and satisfies the underwriting guidelines and loan limits set by Fannie Mae or Freddie Mac.

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 percentage of an amount of money which is paid for its use for a specified time.