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Select
A Mortgage Loan To Fit Your Financial Situation. Before you
apply for your MyHomeLoan, you'll need to decide which type of
loan is right for you.
- Conventional Loans
have a fixed rate and monthly payment for the entire life
of the loan. It's easy to budget for this type of loan because
your payment will always be the same. The rate on a conventional
mortgage loan is generally higher than an adjustable rate
mortgage.
- Adjustable Rate Loans
usually start with lower rates than conventional loans. We'll
let you know how much the rate can be adjusted over the life
of the loan, so you'll know from the beginning the absolute
maximum amount you would ever have to pay. If you will be
moving in a few years, or if you think interest rates will
be going down, you'll want to consider an adjustable rate
since monthly payments may be lower.
Once you know approximately how
much home is in your price range, use the guide on the right or
our convenient Mortgage
Loan Calculator to estimate your monthly payments based on
the principal and interest. Closing costs are normally paid in
a lump sum at the time you take out the loan. Other annual costs
such as taxes, insurance and mortgage life insurance are also
not included on the chart, but may be added to your monthly payments.
Is Refinancing Right For You? Generally, it's a good
idea for you to consider refinancing whenever the interest rate
for mortgages is more than two percentage points below your present
mortgage. And whether you apply with us for a new mortgage to
buy the home you want, or to refinance your present mortgage,
ask about a Homeowner's Credit Line. It can help you save on fees
when you apply; interest when you want to borrow money; and, on
taxes at the end of the year. |
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Monthly
Mortgage Payment Guide |
| Mortgage
Amount |
7% APR |
8% APR |
9% APR |
| $ 60,000 |
$ 399 |
$ 440 |
$ 483 |
| $ 80,000 |
$ 532 |
$ 587 |
$ 644 |
| $100,000 |
$ 665 |
$ 734 |
$ 805 |
| $120,000 |
$ 798 |
$ 881 |
$ 996 |
| $140,000 |
$ 931 |
$1,028 |
$1,127 |
| $160,000 |
$1,064 |
$1,174 |
$1,288 |
| $180,000 |
$1,198 |
$1,321 |
$1,449 |
| $200,000 |
$1,331 |
$1,468 |
$1,610 |
The above rates are for illustrative
purposes only. They are based on the Annual Percentage Rate (APR)
indicated for principal and simple interest over 30 years. We
offer a variety of mortgage plans.
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