The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $100,000 and an estimated property value of $250,000. The property is located in VT and is within Chittenden County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 60 days and the assumed credit score is 740.
At a 6.625% initial interest rate, the APR for this loan type is 7.488%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 60 payments of $640.31 at an interest rate of 6.625%
- 299 payments of $723.54 at an interest rate of 8.000%
- 1 payment of $722.15 at an interest rate of 8.000%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.