Ads seen on:Bing, CNBC, Google and The New York Times
Terms & Conditions
Mortgage Rate as low as 2.75% (2.80% APR) - Disclosure current as of February 10, 2014.
The advertised loan is a 5/1 ARM (Adjustable Rate Mortgage) with a 30-year fully amortizing term from actual offers posted to consumers by Network Lenders.
After the initial period, the variable interest rate and payment will adjust every year and equal the total of the 12-month LIBOR index (0.64% as of February 10, 2014) plus a margin of 2.28%.
The maximum periodic change in the interest rate is 2% with a maximum rate increase of 5.5% above the initial interest rate.
If the interest rate adjusted to the maximum rate (which could not occur until after the fifth year), the maximum monthly payment would be $1,551 for $225,000.
There is no prepayment penalty.
The Annual Percentage Rate (APR) is variable and is subject to increase or decrease, so your payments may increase or decrease each year after the initial period.
The chart below shows the interest rate, APR, and the initial monthly payment:
(for 60 months)
(for 60 months)
Interest rate quoted assumes a FICO score of 720 with a maximum loan-to-value ratio of 80% on a primary residence.
The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lenders.
The initial interest rate is fixed for 5 years. The disclosed APR is based on 0 discount point, 0% origination fee and $0 additional prepaid finance charges which will be due at closing. First adjusted payment will likely increase to approximately $1,135.
Interest rate and APR are variable and subject to increase
Not available in all states.
Rates are subject to change daily without notice.
Payment amounts shown do not include taxes or insurance.
The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better loan.
The FHA offers a streamline refinance on insured mortgages. The term "streamline" refers to the amount of documentation required.
The Benefits of a FHA Streamline Refinance:
Appraisal usually not required.
Very little paperwork.
Easily increase or decrease the length of the term of your existing loan.
Take advantage of current low interest rates at 3.75%