Date: 04/14/2014 Time: 12:24 PM

Assumptions and Annual Percentage Rate (APR) Information

Loan Assumptions1 shown are quoted based on rate information for the date and time indicated and are subject to change at any time. Estimates are based on the assumption of a 30-day lock, the property located in Nevada and first lien owner occupied. Rates cannot be locked until an application has been received and a property identified. Points and Fees may apply and may vary depending on the type of loan program chosen. No origination fee loan programs are also available. Jumbo loans are defined as loans $417,000 or higher. Program limitations may apply.

Fixed Rate Mortgages:

These loans have standard terms and rates that are fixed for the full loan period. This means that the principal and interest portion of the monthly payment does not change either, avoiding the worry about fluctuations in the interest rates and payments.

Fixed Period 30-Year Conventional 15-Year Conventional 30-Fixed FHA 10-Year
Jumbo
Interest Rate 4.500% 3.500% 4.000% 4.375%
APR 4.639% 3.745% 6.071% 4.667%
Repayment Term-months 360 180 360 120

Principal and Interest payment

$1216.04 $1715.72 $1154.66 $4945.77
(Payments do not include taxes and insurance. Payment will be higher)
Loan Amount $240,000 $240,000 $194,900 $480,000
Down Payment 20% 20% 3.50% 20%
Total Points 1 1 1 1
Estimated Additional
Prepaid Finance Charges
$1900.00 $1,900 $2,300 $2,485

Balloon Payment

no no no no

Adjustable Rate Mortgages (Hybrid ARMs)2

With an ARM, the initial interest rate and associated monthly payment, while variable, (can fluctuate over the life of the loan) is fixed for an initial period (5, 7, or 10 years). Rate and payment fluctuations can occur at each adjustment period and are based on changes to the established market index plus a margin for your loan. Any change could significantly impact your monthly payment since the future index is unknown.
  Conventional ARMs Jumbo ARMs3
ARM Loan Type 5/1 7/1 5/1 7/1 10/1
Interest Rate 3.625% 3.875% 2.750% 3.625% 4.125%
APR 3.221% 3.437% 2.888% 3.292% 3.720%
Repayment Term-months 360 360 360 360 360
Principal & Interest payment $1094.52 $1128.57 $1959.56 $2189.05 $2326.32
(Payments do not include taxes and insurance. Payment will be higher)
Initial Fixed Period 5 Years 7 Years 5 Years 7 Years 10 Years
Remaining Term Monthly Payment Principal & Interest $1000.40 $1012.59 $1969.79 $2013.19 $2067.72
Loan Amount $240,000 $240,000 $480,000 $480,000 $480,000
Down Payment 20% 20% 20% 20% 20%
Total Points 1 1 1 1 1
Estimated Additional
Prepaid Finance Charges
$1,900 $1,900 $2,485 $2,485 $2,595

1 General Disclosures for all loans: All loans and rates are subject to approval requirements such as credit score, loan to value and other items, other terms and conditions may apply. A smaller down payment may require mortgage insurance and will increase the monthly payment and the APR. Call for current rate information.

2 ARM disclosures: Rate may increase after consummation and is based on a variable index plus a margin. After initial fixed period, annual adjustments for the remaining loan period. Annual adjustment period and life of loan maximum rate adjustments apply and vary by product type.

3 Jumbo ARMs: For APR listed automatic payment is requirement. Without Auto pay rate is .25% higher. Rate Adjustments apply for loans over $1,500,000.

Other Mortgage Programs are available. For more information, please click here to contact a Residential Mortgage team member in your area.

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