|
5/1 adjustable rate
mortgage at
2.832% APR1
|
 |
| Sample Loan: |
|
|
Loan Amount: |
$400,000 |
| Initial Rate: |
2.750% |
| Fully Indexed
APR: |
2.832% |
| Period of
Initial Rate: |
60 months |
| 60 Monthly Payments of $1,659.57 then
300 Monthly Payments between $1,752.56 - $2,673.74 |
|
The Annual Percentage Rates (APRs) are based on a 30-year term with a maximum 5% cap over initial rate. Variable rate mortgage. After the initial period, rates and payments are based on the current index plus a margin and can increase or decrease based on changes in the index. Payment amounts do not include amounts for taxes and insurance premiums. Actual payment obligation will be higher.
With mortgage rates at an all time low, now may be a good time to consider an Adjustable Rate Mortgage (ARM). In many cases, refinancing your mortgage to a low adjustable rate can help you save thousands2.
Our no closing cost2 5/1 ARM product is perfect for borrowers who only want to remain in their home for a few years. For the entire length of the initial period, your rate is guaranteed to stay low, allowing you to pursue other refinance options at the end of the initial term. If you choose not to pursue other options, your adjustable rate mortgage could fluctuate up (capped at a pre-determined maximum) or down based on the then-current rate indexes.
Call our mortgage department at
1-877-672-6458
to talk with a loan agent about how you can refinance your mortgage to a low adjustable rate.
1 This refinance loan is based on owner occupied single-family homes only. Maximum loan-to-value (LTV) ratio is 80%. Mortgage insurance may be required on the loan if LTV higher than 80% and could increase the monthly payment and the APR. Loan amounts $125,000 - $417,000. Subject to credit qualifications and underwriting requirements. Adequate property insurance (which may include flood insurance) is required. Borrower responsible for insurance requirements and applicable state, county, city taxes which can be substantial. Rates and Terms effective 6/18/2013 and subject to change. Other restrictions may apply. Actual rate will be determined after receipt of completed application and prior to execution of loan documents. Rate lock may not be available until final loan approval; fee may apply.
2 No Closing Cost loans are subject to terms and conditions of Fremont Bank's Application Fee Agreement, which lists the specific costs and fees the borrower will not pay. An application fee may be required after a loan application is submitted, which will be refunded (credited) at closing. Borrower is responsible for paying all fees and charges imposed by brokers or an existing third party lender (for example, payoff demand statement fee and/or a reconveyance fee) as well as any prepayment penalty imposed by any third party lender or Fremont Bank. Loans with lower nominal interest rates may be available to borrower willing to pay points and fees.
3 Refinancing to lower your monthly payment may extend the number of monthly payments and/or the total amount paid when compared to your current situation. Other loan programs are also available. Refers to programs A274L.
LCON-0005-1112
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