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| 30 YEAR FIXED RATE MORTGAGE |
| NO PMI 80% 1ST MORTGAGE & 15% 2ND MORTGAGE |
| 80% LTV 30 YEAR FIXED (PART 1 OF 80/15/5 PROGRAM) |
| 15% 2ND MORTGAGE 5/1 ARM (PART 2 OF 80/15/5 PROGRAM) |
| FHA FIXED RATE LOANS |
| CONSTRUCTION LOAN |
| HOME EQUITY LINES OF CREDIT (HELOC) |
| ADJUSTABLE RATE LOANS (ARM'S) |
| JUMBO LOAN PRODUCTS |
Rates last updated on Thursday, June 21, 2007
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30 YEAR FIXED RATE MORTGAGE
A fixed-rate mortgage means the interest rate and principal payments remain the same for the entire life of the loan. (Taxes, of course, may change.)
Advantages: Consistent principal and interest payments make this loan stable your rate won’t change, a good choice if you’re likely to stay in this house for a long time.
Disadvantages: May cost you more — these loans are usually priced higher than an adjustable-rate mortgage. If rates in the current market are high, you’re likely to get a better price with an adjustable-rate loan.
*A 30 Year Fixed-Rate Mortgage offers consistent monthly payments for the entire 30 years you have the mortgage. So if the market is good, you can benefit from locking in a lower rate for the full term of the loan. The best choice if you’re looking for a long-term, stable loan — for instance, if you’re planning on staying in your house for some time.
*Requires minimum of 5% down payment.
*Fixed principal and interest payment over the life of the loan.
*Owner-occupied primary residence, second home, investment property, 1-4 unit properties.
*Conforming loan amounts to $417,000.
*minimum loan amount $40,000.
*Restrictions apply. Program terms are subject to change
Term: 30 years
Maximum Amount: $417,000
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| | You may also want to consider a shorter term to reduce the rate of interest and the total amount of interest paid over the life of the loan. See 20 year or 15 year fixed rate loans.
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NO PMI 80% 1ST MORTGAGE & 15% 2ND MORTGAGE
*To provide a program that allows a borrower to obtain a 80% first mortgage and a 15% second mortgage with 5% down payment.
*This program eliminates the need for mortgage insurance.
*Both loans are closed simultaneously.
*Maximum Combined Mortgage $500,000, $417,000 1st mortgage limit, $83,000 second mortgage limit.
*Loan products available on 80/15/5 program: 15, 20, 30 Year Fixed Rate Mortgages, 5/1 ARM and 5& 7 Year Balloons.
*Restrictions apply. Program terms are subject to change.
Term: 30 years
Maximum Amount: $417,000
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| | *The APR calcuation for this product is based on the 1st Mortgage only. Please see the appropriate 2nd mortgage loan product for the corresponding APR disclosure.
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80% LTV 30 YEAR FIXED (PART 1 OF 80/15/5 PROGRAM)
THE RATE INFORMATION AND APR CALCULATION SHOWN BELOW IS AN ESTIMATE OF THE 1ST MORTGAGE APR AND PAYMENT FOR THE 80% 1ST MORTGAGE OF THE 80/15/5 NO PMI PRODUCT.
Term: 30 years
Maximum Amount: $417,000
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| | SEE 15% 2ND MORTGAGE 5/1 ARM (BELOW), ADD 2ND MORTGAGE PAYMENT TO THE 80% 1ST MORTGAGE ALONG WITH MONTHLY TAXES AND INSURANCE FOR A COMPLETE PAYMENT.
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15% 2ND MORTGAGE 5/1 ARM (PART 2 OF 80/15/5 PROGRAM)
THE RATE INFORMATION AND APR CALCULATION SHOWN BELOW IS AN ESTIMATE OF THE 2ND MORTGAGE APR AND PAYMENT FOR THE 15% 2ND MORTGAGE OF THE 80/15/5 NO PMI PRODUCT.
Term: 30 years
Maximum Amount: $83,000
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| | SEE 80% 1ST MORTGAGE 30 YEAR FIXED RATE (ABOVE), ADD 1ST MORTGAGE PAYMENT TO THE 15% 2ND MORTGAGE ALONG WITH MONTHLY TAXES AND INSURANCE FOR A COMPLETE PAYMENT.
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FHA FIXED RATE LOANS
There are lots of reasons to utilize an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Why not take advantage of the many benefits and protections that only come with FHA:
Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.
Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.
Low Downpayment - We have a low 3% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don't allow this.
*FHA loan limits vary by county, please call for the loan limit in your area.
Term: 30 years
Maximum Amount: $200,160
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CONSTRUCTION LOAN
Construction Float Program
At application, the borrower selects any fixed, ARM, or balloon program for the
permanent financing. The base rate for the float feature is locked for 30, 45, or 65 days from application. The loan must be closed within the original lock period to ensure that benchmark rate. The interest rate on the permanent loan floats during the construction period. The final interest rate on your loan will be determined by 1st Monarch Mortgage, Ltd. upon receipt of the final inspection (completion certificate) certifying the property to be 100% complete exclusive of any weather related items and receipt of the final draw affidavit with the appropriate signatures for disbursement. The final rate is also based on the original lock price structure that is available at the time of lock- in. Although the rate floats, it is capped at .75% (3/4%) above the posted rate for that loan program on the application date. There is
no minimum rate or floor if rate decrease during the float period. *Construction Period
6 months construction – interest only payments.
9 months construction - interest only payments, and a charge of 0.25 points.
12 months construction – interest only payments, and 0.50 points.
*All construction loans are one closing only, prior to construction beginning.
*No Self-Contracting will be allowed.
Term: 30 years
Maximum Amount: $417,000
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HOME EQUITY LINES OF CREDIT (HELOC)
A home equity line of credit ("HELOC") can be an excellent financing tool, if it is used properly. A HELOC is basically a credit card secured by a mortgage or deed of trust on your property. You only pay interest on the amounts you borrow on the HELOC. If you don't use the line of credit, you don't have any monthly payments to make. You can access the HELOC by writing checks provided by the lender. In most cases, it will be a second lien on your property.
The major disadvantage of the HELOC is its exposure to interest rate risk. All HELOCs are adjustable rate mortgages (ARMs), but they are much riskier than standard ARMs. Changes in the market impact a HELOC very quickly. If the prime rate changes on April 30, the HELOC rate will change effective May 1. An exception is HELOCs that have a guaranteed introductory rate, but these hold for only a few months. Standard ARMs, in contrast, are available with initial fixed-rate periods as long as 10 years.
Call our experienced staff to discuss how you might use a HELOC for your finanincing needs.
Rate quoted assumes 80% loan to value with 700+ credit score. Rate subject to change without notice, please call for specific pricing.
Term: 10 years
Maximum Amount: $50,000
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ADJUSTABLE RATE LOANS (ARM'S)
*A 5/1 Adjustable-Rate Mortgage means the initial rate remains fixed for the first five years of repayment, and then adjusts every year thereafter. Remember that your rate and monthly payments may go up after only five years, so this choice is best if you're expecting to sell or refinance the property within that period.
*With a 3/1 Adjustable-Rate Mortgage, you'll have three years at the initial fixed-rate, then the rate adjusts every year for the remaining life of the loan. A good choice if you expect to move or refinance in a relatively short period of time. But a much shorter fixed-rate period means your interest rate (and therefore monthly payments) may begin to fluctuate after three years.
Contact one of our friendly staff members to discuss if an ARM is right for you.
Rate displayed in conjunction with Adjustable Rate Loans is for the 5/1 ARM product only. For other ARM pricing please call.
Term: 30 years
Maximum Amount: $417,000
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JUMBO LOAN PRODUCTS
Loans for more than $417,000.00 are called jumbo or non-conforming loans. They exceed the loan amounts allowed by Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) — two government-sponsored enterprises that help facilitate the availability of home loans by investing throughout the country. 1st Monarch offers a wide variety of Jumbo Loan products, call one of our friendly staff for details.
Note: Non-conforming loans typically have a higher rate and different requirements for your down payment.
Please call for program specific pricing.
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $200,000 with closing costs of $3,985. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,001 with closing costs of $6,555. Your actual APR may be different depending upon these factors.
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