The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $225,000 and an estimated property value of $322,000. The property is located in Stratford, CT and is within Fairfield County. The property is an existing single-family home and will be used as a primary residence. An escrow (impound) account is required. The rate lock period is 60 days, and the assumed credit score is 780.
At a 5.990% initial interest rate, the APR for this loan type is 6.069%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 180 payments of $1,347.54 at an interest rate of 5.990%
- 179 payments of $1,370.09 at an interest rate of 6.250%
- 1 payment of $1,369.57 at an interest rate of 6.250%
The interest rate disclosed above assumes an escrow account for taxes is required at loan closing. The payments disclosed above do not include real estate taxes, homeowner's insurance premiums or mortgage insurance premiums. If applicable, the actual payment obligation will be greater.