Adjustable Rate LUSO Federal Credit Union 2017-06-06 18:49:07 Not Assigned
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Mortgage Rates Effective as of July 17, 2017. Rates are subject to change without notice.

 

ADJUSTABLE RATE MORTGAGES with 30 YR AMORTIZATION

CONFORMING ADJUSTABLE RATE MORTGAGE / NEW CONSTRUCTION

Owner Occupied / Max Loan $424,100.00
Fees vary and are due at application
Mortgage Construction and Biweekly Mortgage Payment Available at a Rate Increase of 0.25%
Condo Lending Available at a Rate increase of 0.50%
PointsTermRateAPRIndexCAPSMargin
0 PointsSPECIAL 5/12.500%3.142%1 Yr Treasury1/6+ 2.50%
0 Points5/53.000%3.314%1 Yr Treasury1/6+ 2.50%
1 PointsSPECIAL 5/12.375%3.207%1 Yr Treasury1/6+ 2.50%
1 Points5/52.875%3.351%1 Yr Treasury1/6+ 2.50%
2 PointsSPECIAL 5/12.250%3.250%1 Yr Treasury1/6+2.50%
2 Points5/52.750%3.388%1 Yr Treasury1/6+2.50%

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CONDO & NON CONFORMING ADJUSTABLE RATE MORTGAGE / NEW CONSTRUCTION

Owner Occupied / Max Loan $424,100.00
Fees vary and are due at application
Mortgage Construction and Biweekly Mortgage Payment Available at a Rate Increase of 0.25%
CONDO Lending Available at a Rate Increase of 0.50%
PointsTermRateAPRIndexCAPSMargin
0 PointsSPECIAL 5/13.500%3.495%1 Yr Treasury1/6+ 2.50%
0 Points5/54.000%3.668%1 Yr Treasury1/6+ 2.50%
1 PointsSPECIAL 5/13.375%3.496%1 Yr Treasury1/6+ 2.50%
1 Points5/53.875%3.707%1 Yr Treasury1/6+ 2.50%
2 PointsSPECIAL 5/12.250%3.250%1 Yr Treasury1/6+2.50%
2 Points5/53.750%3.746%1 Yr Treasury1/6+2.50%

– APR: Annual Percentage Rate is based on a $150,000.00 loan amount; Jumbo loan APR is based on a $424,100.00 loan amount; 15- YR amortization.
– Rates are subject to increase after consummation/first adjustment.
– Ceiling not to exceed 18.00%; floor not to fall below 2.50%.
– Down Payment Requirements: a 20% down payment is required; less than a 20% down payment will require MGIC Insurance; less than a 30% down payment will require real estate tax escrow.
– Rate Lock Policy: LFCU will rate lock for 60 days for a fee of $500.00 and is refunded upon receipt of closing from attorney; fee is non-refundable on withdrawn applications; fee and rate lock are forfeited on loans closed after the 60 day period; fee is automatically refunded on denied applications.
– Loan terms and conditions, including interest rate and/or fees, are subject to change due to the resulting risk rating assigned by the Credit Union’s secondary market investor. Factors used in determining risk ratings include certain loan characteristics such as points, loan amount, loan-to-value, borrower’s credit, property type, occupancy, and loan purpose.
– Review Policy: Reviews CAP at 6% for the life of the mortgage, but will not exceed a 1% adjustment at each review.
– Jumbo loan limits may differ by County per FNMA Guidelines.
– Construction Term Policy: The construction phase is limited to a maximum (12) month period.

 

 

 

 

ADJUSTABLE RATE MORTGAGES with 20 YEAR AMORTIZATION

CONFORMING ADJUSTABLE RATE MORTGAGE

Owner Occupied / Max Loan $424,100.00            
Fees vary and are due at application
CONDO Lending Available at a Rate Increase of 0.50%
Biweekly Mortgage Payment Available at a Rate Increase of 0.25%
Mortgage Construction Available at a Rate Increase of 0.25%

Points Term Rate APR Index CAP Margin
0 Points 5/1 2.500% 3.100% 1 YR Treasury 1/6 + 2.50%
0 Points 5/5 2.750% 3.206% 1 YR Treasury 1/6 + 2.50%

CONFORMING JUMBO ADJUSTABLE RATE MORTGAGE

Owner Occupied / Min Loan $424,101.00                                                                Fees vary and are due at application

CONDO Lending Available at a Rate Increase of 0.50%
Biweekly Mortgage Payment Available at a Rate Increase of 0.25%
Mortgage Construction Available at a Rate Increase of 0.25%

Points Term Rate APR Index CAP Margin
0 Points 5/1 3.000% 3.215% 1 YR Treasury 1/6 + 2.50%
0 Points 5/5 3.250% 3.320% 1 YR Treasury 1/6 + 2.50%

 

CONDO & NON CONFORMING ADJUSTABLE RATE MORTGAGE

Owner Occupied / Max Loan $424,100.00                                                                

Fees vary and are due at application
CONDO Lending Available at a Rate Increase of 0.50%
Biweekly Mortgage Payment Available at a Rate Increase of 0.25%
Mortgage Construction Available at a Rate Increase of 0.25%

Points Term Rate APR Index CAP Margin
0 Points 5/1 3.500% 3.523% 1 YR Treasury 1/6 + 2.50%
0 Points 5/5 3.750% 3.629% 1 YR Treasury 1/6 + 2.50%

 

CONDO & NON CONFORMING JUMBO ADJUSTABLE RATE MORTGAGE

Owner Occupied / Min Loan $424,101.00            
Fees vary and are due at application
CONDO Lending Available at a Rate Increase of 0.50%
Biweekly Mortgage Payment Available at a Rate Increase of 0.25%
Mortgage Construction Available at a Rate Increase of 0.25%

Points Term Rate APR Index CAP Margin
0 Points 5/1 4.500% 3.843% 1 YR Treasury 1/6 + 2.50%
0 Points 5/5 4.750% 3.946% 1 YR Treasury 1/6 + 2.50%

– APR: Annual Percentage Rate is based on a $150,000.00 loan amount; Jumbo loan APR is based on a $424,101.00 loan amount; 15- YR amortization.
– Rates are subject to increase after consummation/first adjustment.
– Ceiling not to exceed 18.00%; floor not to fall below 2.50%.
– Down Payment Requirements: a 20% down payment is required; less than a 20% down payment will require MGIC Insurance; less than a 30% down payment will require real estate tax escrow.
– Rate Lock Policy: LFCU will rate lock for 60 days for a fee of $500.00 and is refunded upon receipt of closing from attorney; fee is non-refundable on withdrawn applications; fee and rate lock are forfeited on loans closed after the 60 day period; fee is automatically refunded on denied applications.
– Loan terms and conditions, including interest rate and/or fees, are subject to change due to the resulting risk rating assigned by the Credit Union’s secondary market investor. Factors used in determining risk ratings include certain loan characteristics such as points, loan amount, loan-to-value, borrower’s credit, property type, occupancy, and loan purpose.
– Review Policy: Reviews CAP at 6% for the life of the mortgage, but will not exceed a 1% adjustment at each review.
– Jumbo loan limits may differ by County per FNMA Guidelines.
– Construction Term Policy: The construction phase is limited to a maximum (12) month period.