Fixed Rate Mortgages

The information provided assumes the purpose of the loan is to purchase an existing single family detached home and will be used as a primary residence. The loan amount is $150,000 and the purchase price is $200,000. The property is located in Oakland County, Michigan. There is an escrow account for property taxes and homeowners insurance. The rate lock period is 45 days and the assumed credit score is 740 or higher.

The monthly payment amount shown includes only principal and interest. The escrow for property taxes, homeowners insurance, flood and/or mortgage insurance if applicable are not included in the monthly payment amount. Your actual monthly payment will be higher with escrow account included.

The interest rates, APRs and points shown may change throughout the day due to varying market conditions. Rates effective as of November 23 2022. Rates are subject to change. To get more accurate and personalized results, please call 800-353-4449 to talk with a loan expert.

 

Adjustable Rate Mortgages (ARMs)

3/1 ARM

The 3/1 adjustable-rate loan of $150,000.00 for 30 years has a starting payment of $782.47. Your interest rate remains fixed at 4.75% for 36 months (3 Years), after that time your interest rate is expected to change by 2% every 12 months. Your highest monthly payment, in this scenario, would be $1,241.38.

Number of Payments    Interest Rate   Total Payment
1 4.75% $782.47
36 6.75% $958.47
48 8.75% $1,145.27
60 9.75% $1,241.38

 

These payments are based on a $150,000 loan on a $200,000 property in Oakland County, MI. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

The values shown assume the loan is for the purchase of a single-family residence that will be used as a primary residence and that the applicant has a credit score of 740 or higher.

*Adjustable Rate Mortgages are variable, and your Annual Percentage Rate (APR) may increase after the original fixed-rate period. The First Adjusted Payments displayed are based on the current Constant Maturity Treasury (CMT) index, plus the margin (fully indexed rate) as the stated effective date rounded to the nearest 1/8th of one percent.

 

5/1 ARM

The 5/1 adjustable-rate loan of $150,000.00 for 30 years has a starting payment of $793.81. Your interest rate remains fixed at 4.875% for 60 months (5 Years), after that time your interest rate is expected to change by 2% every 12 months. Your highest monthly payment, in this scenario, would be $1,227.69.

Number of Payments    Interest Rate   Total Payment
1 4.88% $793.81
60 6.88% $960.87
72 8.88% $1,137.26
84 9.88% $1,227.69

 

These payments are based on a $150,000 loan on a $200,000 property in Oakland County, MI. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

The values shown assume the loan is for the purchase of a single-family residence that will be used as a primary residence and that the applicant has a credit score of 740 or higher.

*Adjustable Rate Mortgages are variable, and your Annual Percentage Rate (APR) may increase after the original fixed-rate period. The First Adjusted Payments displayed are based on the current Constant Maturity Treasury (CMT) index, plus the margin (fully indexed rate) as the stated effective date rounded to the nearest 1/8th of one percent.

 

7/1 ARM

The 7/1 adjustable-rate loan of $150,000.00 for 30 years has a starting payment of $805.23. Your interest rate remains fixed at 5% for 84 months (7 Years), after that time your interest rate is expected to change by 2% every 12 months. Your highest monthly payment, in this scenario, would be $1,212.80.

Number of Payments    Interest Rate   Total Payment
1 5% $863.48
84 7% $1,027.39
96 9% $1,128.36
108 10% $1,212.80

These payments are based on a $150,000 loan on a $200,000 property in Oakland County, MI. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

The values shown assume the loan is for the purchase of a single-family residence that will be used as a primary residence and that the applicant has a credit score of 740 or higher.

*Adjustable Rate Mortgages are variable, and your Annual Percentage Rate (APR) may increase after the original fixed-rate period. The First Adjusted Payments displayed are based on the current Constant Maturity Treasury (CMT) index, plus the margin (fully indexed rate) as the stated effective date rounded to the nearest 1/8th of one percent.

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