A written agreement in which the signer promises to pay to a named person or company a specific sum of money at a specified date or on demand.
Loan assumptions and Disclosures
Interest rates and annual percentage rates (APRs) are based on current market rates, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables—call for details. This is not a credit decision or a commitment to lend. Depending on loan guidelines, mortgage insurance may be required. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Additional loan programs may be available.
APR reflects the effective cost of your loan on a yearly basis, taking into account such items as interest, most closing costs, discount points (also referred to as “points”) and loan-origination fees. One point is 1% of the mortgage amount (e.g., $1,000 on a $100,000 loan). Your monthly payment is not based on APR, but instead on the interest rate on your Note.
Adjustable-rate mortgage (ARM) rates assume no increase in the financial index after the initial fixed period. ARM rates and monthly payments are subject to increase after the fixed period: ARMs assume 30-year term.
| Property type/use: | Single family residence/owner occupied |
| Loan-to-value (LTV): | 80%, or as user selected; LTV = ratio of loan amount divided by the purchase price (in actual lending, the appraised home value). |
| Down payment: | 20%, or as user selected |
| Rate lock period: | Purchase: 45 days. Refinance: 60 days. (Actual NY pricing based on different Rate Lock Period. Call for more information and to obtain a rate quote and rate lock specific to your situation. This is not an offer of a rate lock.) |
| Loan amount: | $200,000, or as user selected; the purchase price minus the down payment equals the loan amount. |
| Discount point(s): | |
| Lien position: | First lien |
| Property location: | California is the default until a user enters a particular ZIP code |
| Loan term: | As displayed, or as user selected |
Note
Loan-to-value ratio
The ratio between the unpaid principal amount of a loan, or credit limit in the case of a line of credit, and the appraised value of the collateral. Expressed as a percentage. For example, if you have an $80,000 first mortgage on a home with an appraised value of $100,000, the LTV is 80% ($80,000 / $100,000 = 80%).
Appraisal or appraised value
An informed estimate of the value of a property. When made in connection with an application for a loan secured by a home, a professional appraiser usually performs the appraisal.
Rate lock
A commitment issued by a lender to a borrower guaranteeing a specific interest rate for a specified period of time. Rate lock periods are for a fixed number of days, and rate lock expiration occurs when that period has passed, subjecting the interest rate on the loan to market fluctuations since the date of the initial rate lock. When a rate lock expires, you will need to contact your lending specialist to establish a new rate lock prior to closing your loan.
Lien
A legal claim of a creditor on the property of another as security for a debt that must be paid off when the property is sold.