The interest rates, payment amounts, Annual Percentage Rates ("APR"), and lender fees & points shown above are based upon the following parameters:
$260,000 loan amount (Jumbo information based upon $420,000 loan amount)
80% loan-to-value ("LTV") or less
20% or greater down payment
Fully documented income, assets and liabilities
Single family residence
740 credit score
30-day lock period
Property located in Massachusetts
Adjustable Rate Mortgages
Adjustable Rate Mortgage ("ARM") products have an initial fixed rate period of
3, 5, 7, or 10 years, and a full loan term of 30 years (360 months). After the initial
fixed period has expired, the interest rate will be adjusted annually based upon an index
plus a margin. An interest rate "cap" limits how high the interest rate may rise
at each adjustment. Interest rate caps differ by ARM product.
Depending on market conditions at the time you lock your Initial Interest Rate, as well as
the point option you select, your Initial Interest Rate may not be based on the Index used
to make later adjustments. Instead, your Initial Interest Rate may have a discount or
premium. A "premium" occurs when the Initial Interest Rate is more than the sum of
the Index plus Margin. A "discount" occurs when the Initial Interest Rate is less
than the sum of the Index plus Margin. Your interest rate may not move in the same direction
as the Index. For example, if your loan has a premium, your interest rate may decline on the
First Rate Change Date even if the Index remains the same or increases. If you choose a rate
lock option that provides for a floating rate, your Initial Interest Rate at closing may be
different from the interest rate in effect at the time you apply for your loan. The amount
of the premium or discount may change as a result.
Example: Let's assume you have an ARM loan that is fixed for the 1st five years; a loan
amount of $10,000.00; a loan term of 30 years (360 months); an Initial Interest Rate of
6.00%; a margin of 2.25%; an initial interest rate cap of 5.00%; an annual cap of 2.00%;
and, a lifetime cap of 5.00%. Under these assumptions, your initial loan payment for
principal and interest will be $59.96. At your first adjustment your interest rate cannot
increase above 11.00% or decrease below 2.25% (the margin). If your interest rate reached
the lifetime maximum cap of 11.00% at the first adjustment, your payment would reach a
maximum amount of $91.20 after five years.
To see what your payments would have been during the period shown above, divide your loan
amount by $10,000; then multiply the monthly payment by that amount. For example, the
monthly payment for a loan amount of $90,000 would be; $90,000 divided by $10,000 = 9;
9 x $59.96 = $539.64.
State and other conditions and restrictions may apply.
For a more personalized rate quote, please complete the fields under "Mortgage Rate