A point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $100,000, one point means you pay $1,000 to the lender. These points are usually collected at closing and may be paid by the borrower or the home seller, or may be split between them.
APR=Annual Percentage Rate= A rate that reflects the actual annual cost of a loan and includes the loan interest rate, private mortgage insurance, points and some fees.
Annual Percentage Rates (APR) are calculated based on a loan amount of $100,000 for all products except the Jumbo Fixed and ARMs are based on a loan amount of $600,000. The APR includes the approximate cost of prepaid finance charges, including 15 days of prepaid interest, a .50% origination fee, and some third-party fees. It does not include other closing costs or points associated with the rate displayed. Actual APRs for individual loans may differ. All loan applications are subject to credit and property approval. Sample payments shown include only principal and interest. These mortgage rates are based upon a variety of assumptions and conditions some of which may include a credit score of 740 or higher. Your loans interest rate will depend on specific characteristics of your transaction and your credit profile up to the time of closing. Adjustable Rate Mortgage (ARM) interest rates and payments are subject to change during the loan term. That change can increase or decrease your monthly payment. This scenario assumes an owner-occupied purchase (refinance rates may be subject to higher interest rates) of a single family detached residence with a down payment or equity of 20%. If your down payment or equity is less than 20%, mortgage insurance will be required, which will increase the monthly payment and APR. This scenario also assumes no other loans or liens on subject property. Property and/or flood hazard insurance may be required. Maximum loan limits may apply. Additional rates and programs are available.
APR = Annual Percentage Rate. Stated APRs assume that the borrower has a credit score of 740 or higher and that the property is a single family primary residence. Note: 30-Year Fixed Home Equity Loan due in 15 years will result in a balloon payment of $76,110.77 after 180 monthly payments.
Hazard insurance is required and flood insurance may be required if the property is located in a flood zone. Payments do not include amounts for property taxes and insurance premiums. Actual payments may be higher.
Flexity Line of Credit
Variable Annual Percentage Rate (APR) for first and second lien position home equity lines of credit will vary with the Prime Rate as published in the Wall Street Journal. As of 3.16.2020, the variable rate for new home equity lines of credit is Prime + 0.00% to Prime + 6.75% (3.25% APR to 10.00% APR). Your rate will not exceed 18.00% APR. Making minimum interest-only payments will not pay down your principal. An annual fee of $100 will apply after the first year. You can lock-in up to three, fixed-rate loans under one line of credit. Your first fixed rate lock is free, each additional rate-lock is $25.
Fixed Rate Home Equity Loans
Fixed Annual Percentage Rate (APR) is available for first and second lien position home equity installment loans. APR calculation assumes a combined loan-to-value of 80%. The 30-Year fixed rate loan due in 15 Years will have a monthly payment calculated using a 30 year amortization period with a balloon payment due in 15 years.
Closing Cost Estimates
First Tech will pay standard closing costs on your behalf for opening home equity lines of credit and fixed rate home equity loans, excluding any State or local taxes if applicable. Standard closing costs are generally between $350.00 and $950.00, and vary by State and loan/line size.
This rate sheet is not a credit decision or a commitment to lend and your rate will depend on various factors including your type of loan, credit profile, property value, occupancy, loan size, etc. Rates and product availability may also vary based on the State or region in which your financed property is located. Offer is subject to normal credit qualifications. Rates are subject to change. Consult your tax advisor regarding the deductibility of interest. Some restrictions may apply. You can submit an application online or by calling 503.350.4595 and speaking with one of our Equity Loan Consultants.