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| | First Mortgages - Current Rates
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| | Conforming Fixed Rate & Adjustable Rate Mortgage Loans
Maximum loan amounts to $417,000
Upon underwriting approval, a non-refundable application fee of $100.00 will be collected. | |
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| | Long term loans to finance the purchase or refinance of a single-family primary residence or investment property. We also lend on 2 to 4 family units on principal residences, vacation homes and investment properties. These loans can also be used to make home improvements or to consolidate bills. | |
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- 10, 15, 20, 30, & 40 year fixed rates. Interest rate
and payment amount is fixed for the life of the loan.
- Adjustable Rate Mortgages (ARM) - Amortized over 30 or 40 years. 5/1 ARM program available. Fixed period ARMs are tied to the one-year Treasury Securities Index.
- Mortgage loans for purchases, "cash out" and "no cash out" refinances are available. "Cash-Out" loans up to 85% of the appraised value. Private Mortgage Insurance is required on any loan over 80% of the property value.
- Mortgage loans are available up to 95% of the property value (property value is the
appraised value of the home or the purchase price, whichever is less). Maximum financing dependent upon location of home. Private Mortgage
Insurance is required on any loan over 80% of the property value.
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| | MyCommunityMortgage Products
Fixed Rates and Adjustable Rates
Loan amounts up to $417,000
Upon underwriting approval, a non-refundable application fee of $100.00 will be collected. | |
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| | Our MyCommunityMortgage products are designed to help our low to moderate income borrowers in addition to our members who are in the following public service professions: Teacher, Police, Firefighter, or Health Care Worker. 30 and 40 year terms available to finance the purchase or no cash-out refinance of your primary residence. | |
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- 30 or 40 year fixed and 5/1 ARM terms amortized over 30 or 40 years are available
- Up to 90% financing (Maximum financing dependent upon location of home).
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| | KSFCU's Amortized Mortgage Loans do not accept bi-weekly or half-month payments at this time. | |
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| To check primary residence or vacation home rates |  | | To check rental or investment property rates | | | |
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Rate and Payment Details
Below are the details of the Rate and Payment that will apply over the term of the loan. The payments listed below do not include amounts for taxes and insurance. If the Loan is an Adjustable Rate Loan, a current reasonable Index and Margin were used to display potential future Rate and/or Payment changes. If the Loan is a Home Equity Line of Credit (HELOC) the payments shown below are calculated using the full loan amount.
Initial Interest Rate: On a Fixed rate loan, it is the rate for the entire life of the loan. On an Adjustable Rate Loan it is the interest rate that is fixed for some specified number of months at the beginning of the loan term.
APR: Annual Percentage Rate the rate that reflects the actual annual cost of a loan and includes the loan interest rate, private mortgage insurance, points and some fees.
Fully Indexed Rate: The current index value plus the margin on an Adjustable Rate Loan
Max Interest Rate: The maximum rate that may occur on your Adjustable Rate Loan
Months to First Rate Adjustment: The period of time before your interest rate will adjust on an Adjustable Rate Loan
Interest Only Term: The period of time where the monthly mortgage payment consists of interest only. During that period, the loan balance remains unchanged.
Based on a loan amount of $200,000
Loan-to-value 67% | |
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| | 5/1 Conf ARM T: | |
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| Initial Interest Rate | APR | Fully Indexed Rate | Maximum Interest Rate | Months to First Rate Adjustment | Interest Only Term | | 4.750% | 4.853% | 4.750% | 9.750% | 60 Months | 0 Months | | |
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| | Payment Stream: | |
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| Payment Month(s) | P & I Amount | Rate | | 1-359 | $1043.29 | 4.750% | | 360 | $1047.05 | 4.750% | | |
