The information provided assumes the purpose of the loan is to purchase a property with an 80% loan to value. For this example, purchase price is assumed to be $375,000 with a loan of $300,000. The property is located in the Lowell Five lending area. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account may be required. The rate lock period is 60 days.
At a 6.500% initial interest rate, the APR for this loan type is 7.058%, subject to increase. Based on current market conditions, the monthly payment schedule would be:
- 60 payments of $1,896.20 at an interest rate of 6.500%
- 299 payments of $2,052.55 at an interest rate of 7.375%
- 1 payment of $2,053.34 at an interest rate of 7.375%
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and flood insurance if applicable.