# How to rate a credit union

## Real Estate Loans—Effective August 31, 2015

See Real Estate Disclosures

APR=Annual Percentage Rate

N/A=Not Applicable

All mortgage loans are subject to credit approval. The actual interest rate and fees available to you will be based on your credit history and may be different than the rates displayed here. The rates listed above, do not take into consideration any possible adjustments based on changes to any of the loan parameters including loan-to-value (LTV), occupancy, loan amount, repayment feature, loan amount or loan term. Your rate may be different if there is subordinate financing or when loan parameters do not meet secondary market requirements. You must be an RFCU member to obtain a mortgage loan. Various types of mortgage loan programs and terms are available. Compare our real estate loans and learn how to apply .

The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 30 days and the assumed credit score is 750. At a 2.25% initial interest rate with zero discount points, the APR for this loan type is 2.887%, subject to increase. Based on current market conditions, the monthly payment schedule would be: 36 payments of $344.02 at an interest rate of 2.25%; 323 payments of $370.75 at an interest rate of 2.875%; 1 payment of $372.81 at an interest rate of 2.875%. The ARM has a monthly payment that may change over the term of the loan. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

**A typical purchase transaction example for a 5 Year ARM (30 year):**

The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 30 days and the assumed credit score is 750. At a 2.75% initial interest rate with zero discount points, the APR for this loan type is 2.981%, subject to increase. Based on current market conditions, the monthly payment schedule would be: 60 payments of $367.42 at an interest rate of 2.75%; 299 payments of $372.53 at an interest rate of 2.875%; 1 payment of $373.83 at an interest rate of 2.875%. The ARM has a monthly payment that may change over the term of the loan. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

**A typical purchase transaction example for a 7 Year ARM (30 year):**

The information provided assumes the purpose of the loan is to purchase a property with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 30 days and the assumed credit score is 750. At a 2.875% initial interest rate with zero discount points, the APR for this loan type is 3.025%, subject to increase. Based on current market conditions, the monthly payment schedule would be: 359 payments of $373.40 at an interest rate of 2.875%; 1 payment of $375.34 at an interest rate of 2.875%. The ARM has a monthly payment that may change over the term of the loan. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

**A typical purchase transaction example for a 10 Year ARM (30 year):**

The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 30 days and the assumed credit score is 750. At a 3.125% initial interest rate with zero discount points, the APR for this loan type is 3.178%, subject to increase. Based on current market conditions, the monthly payment schedule would be: 120 payments of $375.54 at an interest rate of 3.125%;

239 payments of $376.93 at an interest rate of 2.875%; 1 payment of $378.16 at an interest rate of 2.875%. The ARM has a monthly payment that may change over the term of the loan. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

**A typical purchase transaction example for 30 Year/20 Year/15 Year/10 Year mortgages** (assumes a 25% down payment):

For a $90,000 30-Year Fixed Rate Mortgage at 4.125% with zero discount points, the APR is 4.29%. The monthly payment schedule would be 359 payments at $436.18 and 1 final payment of $439.50. For a $90,000 20-Year Fixed Rate Mortgage at 3.875% with zero discount points, the APR is 4.099%. The monthly payment schedule would be 239 payments at $539.47 and 1 final payment of $540.42. For a $90,000 15-Year Fixed Rate Mortgage at 3.25% with zero discount points the APR is 3.527%. The monthly payment schedule would be 179 payments at $632.40 and 1 final payment of $632.77. For a $90,000 10-Year Fixed Rate Mortgage at 2.875% with zero discount points, the APR is 3.27%. The monthly payment schedule would be 119 payments at $863.86 and 1 final payment of $864.31. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

**A typical purchase transaction example for 15 year Jumbo mortgages:** (assumes a 32% down payment)

For a $425,000 15-Year Fixed Rate Mortgage at 3.625% the APR is 3.829%. The monthly payment schedule would be 179 payments at $3,964.41 and 1 final payment of $3063.54. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

**A typical purchase transaction example for 30 Year/15 Year VA Loans:**

For a $100,000 30-Year Fixed Rate VA Loan, with a $2,150 financed VA Funding Fee, at 3.625% with zero discount points, the APR is 3.952%. The monthly payment schedule would be 359 payments at $465.86 and 1 final payment of $463.66. For a $100,000 15-Year Fixed Rate VA Loan, with a $2,150 financed VA Funding Fee, at 3.000% with zero discount points, the APR is 3.573%. The monthly payment schedule would be 179 payments at $705.43 and 1 final payment of $705.21. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. RFCU® is NOT affiliated with any government agencies, including the VA.

**A typical purchase transaction example for 10 Land mortgages:**

A 10-year, 5.375% fixed rate land loan, with 0 points, in the amount of $120,000 with a 25% down payment, has an APR of 5.748%, which includes a tax service fee and 30 days pre-paid interest, will result in 119 payments of $971.17 and 1 payment of $971.42. Bi-weekly payments are not available. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

**A typical purchase transaction example for 15 Year Construction/Perm mortgages** (assumes a 25% down payment):

For a $90,000 15-Year Fixed Rate Construction/Perm Mortgage at 3.5% with zero discount points, the APR is 3.738%. The monthly payment schedule would be 6 payments at $262.50; 179 payments of $643.39; and 1 final payment of $644.39. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

**A typical purchase transaction example for Combo Loan - 30 year Fixed Rate 1st mortgage and 15 year Fixed Rate 2nd mortgage** (assumes a 10% down payment):

For an $80,000 30-Year Fixed Rate Mortgage at 4.125% with zero discount points, the APR is 4.300%. The monthly payment schedule would be 359 payments at $387.72and 1 final payment of $387.71. For a $10,000 15-Year Fixed Rate Home Equity at 6.125% with zero discount points, the APR is 6.841%. The monthly payment schedule would be 179 payments at $85.06 and 1 final payment of $85.86. PMI is not required on a combo loan. An escrow (impound) account is required on the 1st mortgage and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

Source: redfcu.org

Category: Credit

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