The information provided assumes the purpose of the loan is to refinance to obtain cash, with a loan amount of $150,000 and an estimated property value of $225,000. The property is located in Burlington, VT and is within Chittenden county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 60 days and the assumed credit score is 700.
At a 2.125% initial interest rate, the APR for this loan type is 2.330%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 12 payments of $973.92 at an interest rate of 2.125%
- 167 payments of $982.08 at an interest rate of 2.250%
- 1 payment of $981.88 at an interest rate of 2.250%
If an escrow account is required or requested, the actual payment will also include amounts for real estate taxes and homeowner's insurance premiums.