| Points | Initial Rate (not based on index and margin used to make later payments) | Current Rate (based on index and margin)** | APR* | Estimated Monthly Payments for the first 60/84/120 payments based on Initial Rate | Estimated Monthly Payments for remaining 300/276/240 payments based on Current Rate |
|---|
| 5/6 ARM (30 YEAR TERM) | |
| 0 | 5.500%
| 7.33% | 7.36% | $567.79
| $795.23 |
| 7/6 (30 YEAR TERM) | |
| 0 | 5.625% | 7.33% | 7.37%
| $575.66 | $750.62 |
| 10/6 (30 YEAR TERM) | |
| 0 | 5.750% | 7.33% | 7.37% | $583.57 | $795.23 |
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*APR=ANNUAL PERCENTAGE RATE. RATES AND PAYMENTS MAY ADJUST EVERY 6 MONTHS AFTER THE INITIAL PERIOD EXPIRES BASED ON MOVEMENTS IN THE INDEX.
**CURRENT RATES SHOWN IN TABLE ABOVE FACTOR IN MCU'S FLOOR RATE OF 2.750%.
THE ABOVE PAYMENT EXAMPLE DOES NOT REFLECT AMOUNTS DUE FOR TAXES, HOMEOWNER'S INSURANCE AND PMI INSURANCE. (PMI INSURANCE WILL BE REQUIRED IF YOU ARE BORROWING MORE THAN 80% OF THE APPRAISED VALUE OF THE PROPERTY). THEREFORE, YOUR ACTUAL PAYMENT OBLIGATIONS WILL BE HIGHER.
Above APRs are based on loan amounts of $100,000. Above rates are applicable to loans secured by a 1-2 Family home which is the principal residence of the borrower(s). Different rates may apply for loans secured by Co-ops, Second/Vacation homes and 3-4 Family homes and loan amount. Rates may be higher based on applicant's creditworthiness. Rates and terms are subject to change without notice. Certain restrictions may apply.
The initial rate is current as of and is the Credit Union's best rate. Rates and terms may vary depending on loan to value ratio, credit evaluation and underwriting requirements. After the fixed rate period, your interest rate will adjust up or down according to market rates at the time of reset. PMI=Private Mortgage Insurance. Flood and/or property hazard insurance may be required. All Credit Union loan programs, rates, terms, and conditions are subject to credit approval and may change at any time without notice.
5/6 ARM: The payment on a 30 year $100,000, 5/6 year Adjustable Rate Loan at 5.000 and 80% loan-to-value (LTV) is $536.82 After 5 years, the interest rate cannot increase more than 2% at the first interest rate change and cannot increase more than 1% every 6 months, thereafter. The rate will not be higher than 10.000% over the term of the loan. Payments are estimates and include only principal and interest.
7/6 ARM: The payment on a 30 year $100,000, 7/6 year Adjustable Rate Loan at 5.250% and 80% loan-to-value (LTV) is $552.20. After 7 years, the interest rate cannot increase more than 5% at the first interest rate change and cannot increase more than 1% every 6 months, thereafter. The rate will not be higher than 10.250% over the term of the loan. Payments are estimates and include only principal and interest.
10/6 ARM: The payment on a 30 year $100,000, 10/6 year Adjustable Rate Loan at 5.500% and 80% loan-to-value (LTV) is $567.79. After 10 years, the interest rate cannot increase more than 5% at the first interest rate change and cannot increase more than 1% every 6 months, thereafter. The rate will not be higher than 10.500% over the term of the loan. Payments are estimates and include only principal and interest.