Rate Sheet Disclosures

Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs and the actual interest you pay to the lender. The rates shown are current rates for the purchase of a single-family primary residence based on a 30-day lock period. These rates are not guaranteed and are subject to change without notice. The interest rate displayed above may vary based on factors such as loan product, loan size, down payment, credit profile, property value, geographic location, and other factors. All payment amounts do not include monthly amounts for annual taxes and insurance premiums which will increase the actual monthly payment obligation.

Fixed Rate Loan Products: The APR and monthly payment calculations for fixed rate mortgage loans assumes a purchase price of $250,000 with a loan amount of $200,000, except Jumbo loan rates assume a purchase price of $907,800 with a loan amount of $726,240. A 30-year fixed rate mortgage has 360 monthly payments, and a 15-year fixed rate mortgage has 180 monthly payments. If the down payment is less than 20%, mortgage insurance may be required which will increase the monthly payment and the APR.

FHA Loan Product: The APR and monthly payment calculation assumes a first-time homebuyer purchase price of $250,000, a 3.5% down payment, a loan amount of $245,471 ($241,250 base loan amount plus $4,221 upfront mortgage insurance premium), amortized over 360 monthly payments plus a monthly mortgage insurance premium of $170.02.

VA Loan Product: The APR and monthly payment calculation assumes a first-time homebuyer with a purchase price of $250,000, no down payment, and a loan amount of $255,750 ($250,000 base loan amount plus $5,750 VA Funding Fee) amortized over 360 monthly payments. A monthly mortgage insurance premium will not apply.

USDA Loan Product: The APR calculation assumes a first-time homebuyer purchase price of $250,000, no down payment, a loan amount of $252,525 ($250,000 base loan amount plus $2,525 upfront guarantee fee), amortized over 360 monthly payments plus a monthly mortgage insurance premium of $73.19.

3% HOMEREADY Loan Product: The APR and monthly payment calculation assumes a first-time homebuyer primary residence purchase price of $206,186 with a 3% down payment of $6,186 for a loan amount of $200,000, amortized over 360 monthly payments and borrower-paid mortgage insurance premium of $41.67 per month. The APR also assumes a 3% home appreciation rate during the first five years allowing the loan-to-value to re-calculate to just under 80% and the monthly mortgage insurance premium to be removed after 60 monthly payments. Minimum credit score requirements and income limitations apply.

Adjustable-Rate Mortgage (ARM) Loan Products: Interest rates and payment are subject to increase after the initial fixed-rate period. The APR and monthly payment calculations assume a purchase price of $250,000 with a loan amount of $200,000 amortized over 360 monthly payments, except Jumbo loan rates assume a purchase price of $907,800 with a loan amount of $726,240 amortized over 360 monthly payments. For the 5/1 ARM loan product, there is an initial fixed rate period of 5 years, then the rate may increase every 1 year thereafter. The new adjustable rate beginning in year 6 is calculated by adding a margin of 3% to the current 30 -day Average SOFR Index. As of 7/5/2023, the current 30-day Average SOFR Index is 5.06593%, which when added to a margin of 3% calculates to a fully indexed rate of 8.06593%. Individual rate adjustments are capped at 2% for the first adjustment, 2% for subsequent adjustments, and have a maximum lifetime rate adjustment of 6% above the initial interest rate (2/2/6 caps). For example, based on a $200,000 loan amount with an initial fixed rate of 7.25% for the first five years (initial monthly payment $1,364.35), the interest rate may go as high as 9.25% in year 6 and have a monthly payment of $1,616.49; the interest rate go as high as 11.25% in year 7 and have a monthly payment of $1,878.49, and the highest the interest rate may go for the life of the loan is 13.25% (6% above initial fixed rate) for a maximum lifetime monthly payment of $2,147.72. For the 7/6 and 10/6 Jumbo ARM loan products, there is an initial fixed rate period of 7 and 10 years, respectively, then the rate may increase every 6 months thereafter. The new adjusted rate for these ARM products is calculated by adding a margin of 3% to the current 30 -day Average SOFR Index, calculating to a fulling indexed rate of 7.35201% based the current index value. Individual rate adjustments are capped at 5% for the first adjustment, 1% for subsequent adjustments, and have a maximum lifetime rate adjustment of 5% above the initial interest rate (5/1/5 caps). For example, on the 7/6 Jumbo ARM with a $726,240 loan amount having an initial fixed rate of 5.75% for the first seven years (initial monthly payment $4,238.14), the interest rate may go as high as 10.75% and have a maximum lifetime monthly payment of $5,805.44 as soon as year 8. Additionally on all ARM products disclosed, if the down payment is less than 20%, mortgage insurance may be required which will also increase the monthly payment and the APR.

This is not a credit decision or commitment to lend. To receive a rate quote based on your situation, please submit a loan application to a Jim Yarrington.

All rates subject to change without notice.