Rate Assumptions

Loan Program/Interest Rate/Annual Percentage Rate Assumptions

Today’s rates as of 12/20/2024

General Disclosures & Assumptions

Advertised rate and APRs displayed are accurate as of date above and are subject to change without notice. Rates are posted for example purposes only and do not constitute a commitment to lend. Payments shown above do not include amounts for taxes and insurance; actual payment obligation will be greater. Actual rate and APR is based on applicant creditworthiness and other qualifying factors that will be disclosed upon formal application.

Specific Loan Program Disclosures & Assumptions

15-Year & 30-Year Fixed Rate Conforming (Fannie Mae)

Advertised APR assumes an owner-occupied single-family home purchase transaction with a total loan amount of $460,000, 10% down payment, 780 FICO credit score, 30-day rate lock, monthly escrow account and a 1% discount point. 15-year fixed rate mortgage transactions have 180 monthly principal and interest payments. 30-year fixed rate mortgage transactions have 360 monthly principal and interest payments.

FHA 30-Year Fixed Rate

Advertised APR assumes an owner-occupied single-family home purchase transaction with a base loan amount of $460,000, 3.5% down payment, 680 FICO credit score, 30-day rate lock, monthly escrow account and a 1% discount point. Monthly payment includes financed upfront mortgage insurance premium. FHA 30-year fixed rate mortgage transactions have 360 monthly principal and interest payments.

VA 30-Year Fixed Rate

Advertised APR assumes an owner-occupied single-family home purchase transaction with a total loan amount of $460,000, 0.00% down payment, 680 FICO credit score, 30-day rate lock, monthly escrow account and a 1% discount point.  VA 30-year fixed rate mortgage transactions have 360 monthly principal and interest payments.

Glossary

Annual Percentage Rate (APR): Total yearly cost of the loan which includes the interest rate and other prepaid finance charges.

Discount Points: A prepaid cost to the lender at closing to lower your mortgage interest rate. One point is equal to one percent of the loan amount. (For example: 1 point on a $100,000 loan would cost $1,000).

Escrow: Refers to an account held by the lender into which the homebuyer deposits money for tax or insurance payments.

FICO Credit Score: FICO is the abbreviation for the Fair Isaac Corporation. Each borrower is issued three FICO credit scores provided by three major credit reporting agencies: Equifax, Experian and TransUnion. FICO Credit Scores range from 300-850 and are based on your credit payment history, amounts owed, length of history, new credit and types of credit used. The higher your score, the better your FICO rating.

FHA: An FHA loan is a mortgage that's insured by the Federal Housing Administration (FHA). See your loan officer or visit the FHA website for additional information.

Conforming Mortgage: A conforming loan meets, or conforms to, the underwriting guidelines used by Fannie Mae and Freddie Mac. These two organizations, along with FHA establish the minimum acceptable criteria for home loans in the United States.

VA: A VA loan is a low-or-no-down payment loan guaranteed by the Department of Veterans Affairs. The VA offers loan programs to help servicemembers, veterans and their families buy homes. Visit the VA Website to learn more.