Rate Disclosures

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Assumptions and Annual Percentage Rate (APR) Information as of 9/4/2014 for an example loan of $200,000

Fixed-Rate Loans VA 30-Year Fixed VA 15-Year Fixed
Annual Percentage Rate (APR) 3.752% 3.458%
Interest Rate 3.375% 2.75%
Payment Term 360 months 180 months
Total Loan Amount $200,000 $200,000
VA Funding Fee
(2.15% Financed)
$4,209.51 $4,209.51
Estimated Prepaid Finance Charges $1,208 $1,208
Discount Fee (Credit)* $3,426 $3,956
15 Days Interest $277.40 $226.03
Down Payment (0%) $0 $0
Monthly Principal and Interest Payment
(Taxes and Homeowners Insurance Not Included)
$884.19 $1,357.24

If you would like to speak with a home loan specialist about applying for your VA mortgage, call us today at 1-888-775-1585 or click here to fill out a pre-application form!

Adjustable Rate Loans** 5/1 ARM***
Annual Percentage Rate (APR) 2.634%
Initial Interest Rate 2.75%
Payment Term 360 months
Total Loan Amount $200,000
VA Funding Fee
(2.15% Financed)
$4,209.51
Time Initial Rate is Fixed 60 months
Adjustment After Initial Period Expires 1.0% per year
Maximum Lifetime Caps Over/Under Original Rate 5.00%
Estimated Prepaid Finance Charges $1,208
Discount Fee (Credit)* $2,000
15 Days Interest $226.03
Down Payment (0%) $0
Monthly Payment and Interest Payment for Years 1-5
(Taxes and Homeowners Insurance Not Included)
$816.48
First Adjusted Payment for Years 6-30 Based on Current Index Plus Margin
(Taxes and Homeowners Insurance Not Included)
Payment terms 30 years, fixed for the first 5 years, at that adjustment point, based on current index plus margin, with an adjusted balance going to $176,991.92 (when normal payments are made for 60 months and nothing extra is added to the principal) then the new P&I payment would be: $761.01. Since the index in the future is unknown, the First Adjusted Rates displayed are based on the current index plus margin at time of example. At adjustment your new mortgage rate will be the weekly average yield on U.S. Treasury securities adjusted to a constant maturity of 1 year as made available by the Federal Reserve Board as published in the statistical release H.15, plus a margin of 2.0% subject to annual and lifetime caps.

Information displayed is accurate as of the date shown on the rate disclosure and is subject to change without notice. Other restrictions may apply.  The displayed Annual Percentage Rate (APR) for the loan products shown reflects the interest rate and approximate cost of prepaid finance charges, including 15 days of interest. Property insurance, title insurance and flood insurance, if applicable, are required on all collateral. APRs shown are based on 100% Loan to Value (0% down payment), satisfaction of credit qualifications, and owner occupied or second home properties. Loan approval subject to borrower qualification, completion of application, and verification of home ownership. Offer subject to change without notice.  Consumer loans only.   Interest rate and APR may differ based on credit score or other factors.

*If the “discount fee” amount is in parenthesis, it is a credit to the borrower for taking a rate above par.

** ARM loans are adjustable rate products with an Initial Interest Rate that is fixed for a period of time and thereafter the rate may change and/or the payment may increase significantly.  Margin used for the example is 2.00; and the Index used for example is 0.11.

*** Your variable interest rate can increase or decrease by [1] percentage points annually and can increase [5] percentage point over your Initial Interest Rate over the term of your loan.  Program, rate, terms and conditions are subject to change without notice.

For details about Jumbo loan rates, call us at 1-888-775-1585.

While we believe these products could be beneficial to you, there may be other mortgage products we can offer you for which you could qualify and which may be even more beneficial to you.  For more helpful information about residential mortgage products, call us at 1-888-775-1585.

VA Loan Costs

The approximate cost of prepaid finance charges in the example loan above does not constitute and is not a substitute for the Good Faith Estimate of Closing Costs (GFE) that you will receive once you apply for a loan.

Home Mortgage Rates

Mortgage rates shown are based on a 30-day lock for the purchase of a primary residence. Under certain circumstances, a 30-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 which can affect your rate.

Your interest rate for a VA loan will depend upon the specific characteristics of your loan transaction and your credit profile up to the time of closing. For more information, please refer here or contact us.

Adjustable Rate Mortgages (ARMs)

Interest rates and payments may increase after the initial period. After the initial fixed-rate period, your interest rate can increase or decrease annually according to the market index. Any change may significantly impact your monthly payment.

Since the index in the future is unknown, the First Adjusted Payments displayed on the Truth In Lending disclosure are based on the current index plus the margin (fully indexed rate) at time of scenario/disclosure.

For VA ARM interest rates, at adjustment your new mortgage rate will be the average weekly yield on Treasury securities adjusted to a constant maturity of one year, plus a margin of 1.75%, 2.0%, or 2.25%, subject to annual and lifetime adjustment caps.

For VA Hybrid ARM interest rates, an initial fixed interested rate will be used for a period of three or five years, and then will adjust annually after the initial fixed period. The 3/1 and 5/1 VA Hybrid ARM products allow a 1% annual interest rate adjustment after the initial fixed interest rate period, and a 5% interest rate cap over the life of the loan. VA ARM loans have either a 1.75%, 2.0%, or a 2.25% margin.

Contact Us Today

Ready to apply for your VA Mortgage? Call us today at 888-775-1585 or click here to fill out a pre-application form!

Our home loan experts can provide the most current VA mortgage interest rates and answer any questions you may have about the process.

 

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