MORTGAGE LOAN RATES & TERMS APPLICABLE TO REFINANCE TRANSACTIONS ONLY
(REFER TO PURCHASE RATE SHEET FOR PURCHASE RATES)
Rates quoted are effective as of EFFECTIVE_DATE and are subject to change without notice.
PLEASE BE ADVISED: Today’s rates assume the following:
- The refinance of a single-family, primary residence
- A minimum credit score of 740
- The loan rates assume a 80.01% loan-to-value for the NO PMI programs, and 60% for all others.
The rate you may qualify for is based on a variety of factors. In addition to property type, credit history, and loan-to-value, other factors may include loan purpose, loan amount, occupancy, lien(s), income and other financial obligations. Please see “Mortgage Loan Pricing Information" on the last page for details.
Payment examples do not include the cost of property taxes or insurance, so the actual payment obligation will be greater. The APR shown includes an estimate of 30 days of prepaid interest. All programs, loan rates, APR, points, and terms listed are subject to change without notice. All loans are subject to approval. APR = Annual Percentage Rate.
To apply, visit our website at www.schoolsfirstfcu.org, call 800.462.8328, ext. 8288, or email the Real Estate Lending department at realestateinfo@schoolsfirstfcu.org. Other interest rate and point options are available. Please call for details.
Typical loan processing time: 60 days (completed application to funding).
Fixed-Rate Mortgages: Conforming
Loan amounts from $50,000 - $548,250
Payment examples do not include the cost of property tax or insurance, so the actual obligation will be greater.
| Programs | Interest Rate | APR1 | Points | Estimated Payment Per $1,000 Borrowed1 |
|---|---|---|---|---|
| 10 Year | RECODEP1C10|Rate RECODEZRC10|Rate RECODEM1C10|Rate | RECODEP1C10|APR RECODEZRC10|APR RECODEM1C10|APR | RECODEP1C10|Discount RECODEZRC10|Discount RECODEM1C10|Discount | RECODEP1C10|Est_Payment RECODEZRC10|Est_Payment RECODEM1C10|Est_Payment |
| 15 Year | RECODEP1C15|Rate RECODEZRC15|Rate RECODEM1C15|Rate | RECODEP1C15|APR RECODEZRC15|APR RECODEM1C15|APR | RECODEP1C15|Discount RECODEZRC15|Discount RECODEM1C15|Discount | RECODEP1C15|Est_Payment RECODEZRC15|Est_Payment RECODEM1C15|Est_Payment |
| 30 Year | RECODEP1C30|Rate RECODEZRC30|Rate RECODEM1C30|Rate | RECODEP1C30|APR RECODEZRC30|APR RECODEM1C30|APR | RECODEP1C30|Discount RECODEZRC30|Discount RECODEM1C30|Discount | RECODEP1C30|Est_Payment RECODEZRC30|Est_Payment RECODEM1C30|Est_Payment |
| Programs | |||
|---|---|---|---|
| 10 Year | |||
| Interest | APR1 | Points | Payment per $1k1 |
| RECODEP1C10|Rate | RECODEP1C10|APR | RECODEP1C10|Discount | RECODEP1C10|Est_Payment |
| RECODEZRC10|Rate | RECODEZRC10|APR | RECODEZRC10|Discount | RECODEZRC10|Est_Payment |
| RECODEM1C10|Rate | RECODEM1C10|APR | RECODEM1C10|Discount | RECODEM1C10|Est_Payment |
| 15 Year | |||
| Interest | APR1 | Points | Payment per $1k1 |
| RECODEP1C15|Rate | RECODEP1C15|APR | RECODEP1C15|Discount | RECODEP1C15|Est_Payment |
| RECODEZRC15|Rate | RECODEZRC15|APR | RECODEZRC15|Discount | RECODEZRC15|Est_Payment |
| RECODEM1C15|Rate | RECODEM1C15|APR | RECODEM1C15|Discount | RECODEM1C15|Est_Payment |
| 30 Year | |||
| Interest | APR1 | Points | Payment per $1k1 |
| RECODEP1C30|Rate | RECODEP1C30|APR | RECODEP1C30|Discount | RECODEP1C30|Est_Payment |
| RECODEZRC30|Rate | RECODEZRC30|APR | RECODEZRC30|Discount | RECODEZRC30|Est_Payment |
| RECODEM1C30|Rate | RECODEM1C30|APR | RECODEM1C30|Discount | RECODEM1C30|Est_Payment |
Eligible properties are primary residence single-family homes, condominiums and manufactured homes. Maximum Loan-to-Value is 97%; Private Mortgage Insurance (PMI) is required for Loan-to-Value above 80%. Second home programs also available.
1APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.
Fixed-Rate Mortgages: Conforming, High-Cost Area
Maximum Loan Amount: Based on county where property is located.1
Payment examples do not include the cost of property tax or insurance, so the actual obligation will be greater.
| Programs | Interest Rate | APR2 | Points | Estimated Payment Per $1,000 Borrowed2 |
|---|---|---|---|---|
| 15 Year | RECODEP1HC15|Rate RECODEZRHC15|Rate RECODEM1HC15|Rate | RECODEP1HC15|APR RECODEZRHC15|APR RECODEM1HC15|APR | RECODEP1HC15|Discount RECODEZRHC15|Discount RECODEM1HC15|Discount | RECODEP1HC15|Est_Payment RECODEZRHC15|Est_Payment RECODEM1HC15|Est_Payment |
| 30 Year | RECODEP1HC30|Rate RECODEZRHC30|Rate RECODEM1HC30|Rate | RECODEP1HC30|APR RECODEZRHC30|APR RECODEM1HC30|APR | RECODEP1HC30|Discount RECODEZRHC30|Discount RECODEM1HC30|Discount | RECODEP1HC30|Est_Payment RECODEZRHC30|Est_Payment RECODEM1HC30|Est_Payment |
| Programs | |||
|---|---|---|---|
| 15 Year | |||
| Interest | APR2 | Points | Payment per $1k2 |
| RECODEP1HC15|Rate | RECODEP1HC15|APR | RECODEP1HC15|Discount | RECODEP1HC15|Est_Payment |
| RECODEZRHC15|Rate | RECODEZRHC15|APR | RECODEZRHC15|Discount | RECODEZRHC15|Est_Payment |
| RECODEM1HC15|Rate | RECODEM1HC15|APR | RECODEM1HC15|Discount | RECODEM1HC15|Est_Payment |
| 30 Year | |||
| Interest | APR2 | Points | Payment per $1k2 |
| RECODEP1HC30|Rate | RECODEP1HC30|APR | RECODEP1HC30|Discount | RECODEP1HC30|Est_Payment |
| RECODEZRHC30|Rate | RECODEZRHC30|APR | RECODEZRHC30|Discount | RECODEZRHC30|Est_Payment |
| RECODEM1HC30|Rate | RECODEM1HC30|APR | RECODEM1HC30|Discount | RECODEM1HC30|Est_Payment |
Eligible properties are primary residence single-family homes and condominiums; manufactured homes do not qualify. Maximum Loan-to-Value is 90%. Private Mortgage Insurance (PMI) is required for Loan-to-Value above 80%.
1Orange and Los Angeles Counties = $822,375; San Diego County = $753,250; Ventura County = $739,450; El Dorado, Placer and Sacramento Counties = $598,000. Please contact a real estate loan representative for other county loan limits.
2APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.
Fixed-Rate Mortgages: Jumbo
Loan amounts from $548,251 - $2,000,000
Payment examples do not include the cost of property tax or insurance, so the actual obligation will be greater.
| Programs | Interest Rate | APR1 | Points | Estimated Payment Per $1,000 Borrowed1 |
|---|---|---|---|---|
| 15 Year (Loan Amounts: See Below2) | RECODEP1J15|Rate RECODEZRJ15|Rate RECODEM1J15|Rate | RECODEP1J15|APR RECODEZRJ15|APR RECODEM1J15|APR | RECODEP1J15|Discount RECODEZRJ15|Discount RECODEM1J15|Discount | RECODEP1J15|Est_Payment RECODEZRJ15|Est_Payment RECODEM1J15|Est_Payment |
| 30 Year (Loan Amounts: See Below2) | RECODEP1J30|Rate RECODEZRJ30|Rate RECODEM1J30|Rate | RECODEP1J30|APR RECODEZRJ30|APR RECODEM1J30|APR | RECODEP1J30|Discount RECODEZRJ30|Discount RECODEM1J30|Discount | RECODEP1J30|Est_Payment RECODEZRJ30|Est_Payment RECODEM1J30|Est_Payment |
| Programs | |||
|---|---|---|---|
| 15 Year (Loan Amounts: See Below2) | |||
| Interest | APR1 | Points | Payment per $1k1 |
| RECODEP1J15|Rate | RECODEP1J15|APR | RECODEP1J15|Discount | RECODEP1J15|Est_Payment |
| RECODEZRJ15|Rate | RECODEZRJ15|APR | RECODEZRJ15|Discount | RECODEZRJ15|Est_Payment |
| RECODEM1J15|Rate | RECODEM1J15|APR | RECODEM1J15|Discount | RECODEM1J15|Est_Payment |
| 30 Year (Loan Amounts: See Below2) | |||
| Interest | APR1 | Points | Payment per $1k1 |
| RECODEP1J30|Rate | RECODEP1J30|APR | RECODEP1J30|Discount | RECODEP1J30|Est_Payment |
| RECODEZRJ30|Rate | RECODEZRJ30|APR | RECODEZRJ30|Discount | RECODEZRJ30|Est_Payment |
| RECODEM1J30|Rate | RECODEM1J30|APR | RECODEM1J30|Discount | RECODEM1J30|Est_Payment |
Eligible properties are single-family homes and condominiums; manufactured homes do not qualify. Private Mortgage Insurance (PMI) is required for down payments less than 20%. Condominium subject to additional rate adjustment.
1APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
2Loan amounts greater than $1,500,000 subject to additional rate adjustment of 0.25%. Loan Amounts up to $1,000,000 available with a maximum Loan-to-Value of 90%; Loan Amounts up to $2 million available with a maximum Loan-to-Value of 80%.
Fixed-Rate Mortgages: Investment Properties
Loan amounts from $50,000 - $548,250
Payment examples do not include the cost of property tax or insurance, so the actual obligation will be greater.
| Programs | Interest Rate | APR1 | Points | Estimated Payment Per $1,000 Borrowed1 |
|---|---|---|---|---|
| 15 Year | RECODEP1P-NOO-15|Rate RECODEZRP-NOO-15|Rate RECODEM1P-NOO-15|Rate | RECODEP1P-NOO-15|APR RECODEZRP-NOO-15|APR RECODEM1P-NOO-15|APR | RECODEP1P-NOO-15|Discount RECODEZRP-NOO-15|Discount RECODEM1P-NOO-15|Discount | RECODEP1P-NOO-15|Est_Payment RECODEZRP-NOO-15|Est_Payment RECODEM1P-NOO-15|Est_Payment |
| 30/15-Year Balloon Based on a loan size of $1,000, with an interest rate of RECODEZRP-NOO-30N15|Rate, the estimated payoff after 15 years is RECODEZRP-NOO-30N15|Balloon_PO | RECODEP1P-NOO-30N15|Rate RECODEZRP-NOO-30N15|Rate RECODEM1P-NOO-30N15|Rate | RECODEP1P-NOO-30N15|APR RECODEZRP-NOO-30N15|APR RECODEM1P-NOO-30N15|APR | RECODEP1P-NOO-30N15|Discount RECODEZRP-NOO-30N15|Discount RECODEM1P-NOO-30N15|Discount | RECODEP1P-NOO-30N15|Est_Payment RECODEZRP-NOO-30N15|Est_Payment RECODEM1P-NOO-30N15|Est_Payment |
| Programs | |||
|---|---|---|---|
| 15 Year | |||
| Interest | APR1 | Points | Payment per $1k1 |
| RECODEP1P-NOO-15|Rate | RECODEP1P-NOO-15|APR | RECODEP1P-NOO-15|Discount | RECODEP1P-NOO-15|Est_Payment |
| RECODEZRP-NOO-15|Rate | RECODEZRP-NOO-15|APR | RECODEZRP-NOO-15|Discount | RECODEZRP-NOO-15|Est_Payment |
| RECODEM1P-NOO-15|Rate | RECODEM1P-NOO-15|APR | RECODEM1P-NOO-15|Discount | RECODEM1P-NOO-15|Est_Payment |
| 30/15-Year Balloon Based on a loan size of $1,000, with an interest rate of RECODEZRP-NOO-30N15|Rate, the estimated payoff after 15 years is RECODEZRP-NOO-30N15|Balloon_PO | |||
| Interest | APR1 | Points | Payment per $1k1 |
| RECODEP1P-NOO-30N15|Rate | RECODEP1P-NOO-30N15|APR | RECODEP1P-NOO-30N15|Discount | RECODEP1P-NOO-30N15|Est_Payment |
| RECODEZRP-NOO-30N15|Rate | RECODEZRP-NOO-30N15|APR | RECODEZRP-NOO-30N15|Discount | RECODEZRP-NOO-30N15|Est_Payment |
| RECODEM1P-NOO-30N15|Rate | RECODEM1P-NOO-30N15|APR | RECODEM1P-NOO-30N15|Discount | RECODEM1P-NOO-30N15|Est_Payment |
Eligible properties are single-family homes and condominiums; manufactured homes do not qualify. Investment properties require a maximum Loan-to-Value of 80%.
1APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Adjustable-Rate Mortgages (ARM)
Rates below are applicable with loan amounts of $50,000 - $548,250. Loan amounts of $548,251 - $2,000,000 are available, please contact a real estate loan representative for details.
Payment examples do not include the cost of property tax or insurance, so the actual obligation will be greater.
| Program | Interest Rate | APR1 | Points | Margin | Caps | CMT Index | Estimated Payment Per $1,000 Borrowed1 | |
|---|---|---|---|---|---|---|---|---|
| 5/5 ARM (Rate adjusts every 5 years) | RECODEZR5-5-CMT|Rate | RECODEZR5-5-CMT|APR | RECODEZR5-5-CMT|Discount | RECODEZR5-5-CMT|Margin | RECODEZR5-5-CMT|Caps | RECODEZR5-5-CMT|Index_Val | 1st 60 payments | RECODEZR5-5-CMT|Est_Payment1 |
| 61-120 payments | RECODEZR5-5-CMT|Est_Payment2 | |||||||
| 121-180 payments | RECODEZR5-5-CMT|Est_Payment3 | |||||||
| 181-240 payments | RECODEZR5-5-CMT|Est_Payment4 | |||||||
| 5/1 ARM | RECODEZR5YRT-C|Rate | RECODEZR5YRT-C|APR | RECODEZR5YRT-C|Discount | RECODEZR5YRT-C|Margin | RECODEZR5YRT-C|Caps | RECODEZR5YRT-C|Index_Val | 1st 60 payments | RECODEZR5YRT-C|Est_Payment1 |
| 61-72 payments | RECODEZR5YRT-C|Est_Payment2 | |||||||
| 73-84 payments | RECODEZR5YRT-C|Est_Payment3 | |||||||
| 85-96 payments | RECODEZR5YRT-C|Est_Payment4 | |||||||
| 7/1 ARM | RECODEZR7YRT-C|Rate | RECODEZR7YRT-C|APR | RECODEZR7YRT-C|Discount | RECODEZR7YRT-C|Margin | RECODEZR7YRT-C|Caps | RECODEZR7YRT-C|Index_Val | 1st 84 payments | RECODEZR7YRT-C|Est_Payment1 |
| 85-96 payments | RECODEZR7YRT-C|Est_Payment2 | |||||||
| 97-108 payments | RECODEZR7YRT-C|Est_Payment3 | |||||||
| 109-120 payments | RECODEZR7YRT-C|Est_Payment4 | |||||||
| Programs | |
|---|---|
| 5/5 ARM (Rate adjusts every 5 years) | |
| Interest Rate | RECODEZR5-5-CMT|Rate |
| APR | RECODEZR5-5-CMT|APR |
| Points | RECODEZR5-5-CMT|Discount |
| Margin | RECODEZR5-5-CMT|Margin |
| Caps | RECODEZR5-5-CMT|Caps |
| CMT Index | RECODEZR5-5-CMT|Index_Val |
| Est. Payment per $1k borrowed1 | |
| Payments 1-60 | RECODEZR5-5-CMT|Est_Payment1 |
| Payments 61-120 | RECODEZR5-5-CMT|Est_Payment2 |
| Payments 121-180 | RECODEZR5-5-CMT|Est_Payment3 |
| Payments: 181-240 | RECODEZR5-5-CMT|Est_Payment4 |
| 5/1 ARM | |
| Interest Rate | RECODEZR5YRT-C|Rate |
| APR | RECODEZR5YRT-C|APR |
| Points | RECODEZR5YRT-C|Discount |
| Margin | RECODEZR5YRT-C|Margin |
| Caps | RECODEZR5YRT-C|Caps |
| CMT Index | RECODEZR5YRT-C|Index_Val |
| Est. Payment per $1k borrowed1 | |
| Payments 1-60 | RECODEZR5YRT-C|Est_Payment1 |
| Payments 61-72 | RECODEZR5YRT-C|Est_Payment2 |
| Payments 73-84 | RECODEZR5YRT-C|Est_Payment3 |
| Payments: 85-96 | RECODEZR5YRT-C|Est_Payment4 |
| 7/1 ARM | |
| Interest Rate | RECODEZR7YRT-C|Rate |
| APR | RECODEZR7YRT-C|APR |
| Points | RECODEZR7YRT-C|Discount |
| Margin | RECODEZR7YRT-C|Margin |
| Caps | RECODEZR7YRT-C|Caps |
| CMT Index | RECODEZR7YRT-C|Index_Val |
| Est. Payment per $1k borrowed1 | |
| Payments 1-84 | RECODEZR7YRT-C|Est_Payment1 |
| Payments 85-96 | RECODEZR7YRT-C|Est_Payment2 |
| Payments 97-108 | RECODEZR7YRT-C|Est_Payment3 |
| Payments: 109-120 | RECODEZR7YRT-C|Est_Payment4 |
Eligible properties are primary residence single-family homes and condominiums; manufactured homes do not qualify except for 7/1 ARM. Maximum Loan-to-Value is 95% for loan amounts up to $510,400. Private Mortgage Insurance (PMI) is required for Loan-to-Value above 80%. Loan amounts greater than $1,500,000 subject to additional rate adjustment of 0.25%.
Variable rate, APR and payment subject to change after loan consummation. Rate is fixed for first five or seven years, depending on program, and adjusts periodically thereafter based on fully indexed rate.
1APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.
No PMI Adjustable-Rate Mortgage (ARM)
Loan amounts from $50,000 - $1,000,000
Payment examples do not include the cost of property tax or insurance, so the actual obligation will be greater.
| Program | Interest Rate | APR1 | Points | Margin | Caps | CMT Index | Estimated Payment Per $1,000 Borrowed1 | |
|---|---|---|---|---|---|---|---|---|
| 5/5 ARM (Rate adjusts every 5 years) | RECODEZRNOPMI-ADJ5/5|Rate | RECODEZRNOPMI-ADJ5/5|APR | RECODEZRNOPMI-ADJ5/5|Discount | RECODEZRNOPMI-ADJ5/5|Margin | RECODEZRNOPMI-ADJ5/5|Caps | RECODEZRNOPMI-ADJ5/5|Index_Val | 1st 60 payments | RECODEZRNOPMI-ADJ5/5|Est_Payment1 |
| 61-120 payments | RECODEZRNOPMI-ADJ5/5|Est_Payment2 | |||||||
| 121-180 payments | RECODEZRNOPMI-ADJ5/5|Est_Payment3 | |||||||
| 181-240 payments | RECODEZRNOPMI-ADJ5/5|Est_Payment4 | |||||||
| 5/1 ARM | RECODEZRNOPMI-ADJ5/1|Rate | RECODEZRNOPMI-ADJ5/1|APR | RECODEZRNOPMI-ADJ5/1|Discount | RECODEZRNOPMI-ADJ5/1|Margin | RECODEZRNOPMI-ADJ5/1|Caps | RECODEZRNOPMI-ADJ5/1|Index_Val | 1st 60 payments | RECODEZRNOPMI-ADJ5/1|Est_Payment1 |
| 61-72 payments | RECODEZRNOPMI-ADJ5/1|Est_Payment2 | |||||||
| 73-84 payments | RECODEZRNOPMI-ADJ5/1|Est_Payment3 | |||||||
| 85-96 payments | RECODEZRNOPMI-ADJ5/1|Est_Payment4 | |||||||
| 7/1 ARM | RECODEZRNOPMI-ADJ7/1|Rate | RECODEZRNOPMI-ADJ7/1|APR | RECODEZRNOPMI-ADJ7/1|Discount | RECODEZRNOPMI-ADJ7/1|Margin | RECODEZRNOPMI-ADJ7/1|Caps | RECODEZRNOPMI-ADJ7/1|Index_Val | 1st 84 payments | RECODEZRNOPMI-ADJ7/1|Est_Payment1 |
| 85-96 payments | RECODEZRNOPMI-ADJ7/1|Est_Payment2 | |||||||
| 97-108 payments | RECODEZRNOPMI-ADJ7/1|Est_Payment3 | |||||||
| 109-120 payments | RECODEZRNOPMI-ADJ7/1|Est_Payment4 | |||||||
| Programs | |
|---|---|
| 5/5 ARM (Rate adjusts every 5 years) | |
| Interest Rate | RECODEZRNOPMI-ADJ5/5|Rate |
| APR | RECODEZRNOPMI-ADJ5/5|APR |
| Points | RECODEZRNOPMI-ADJ5/5|Discount |
| Margin | RECODEZRNOPMI-ADJ5/5|Margin |
| Caps | RECODEZRNOPMI-ADJ5/5|Caps |
| CMT Index | RECODEZRNOPMI-ADJ5/5|Index_Val |
| Est. Payment per $1k borrowed1 | |
| Payments 1-60 | RECODEZRNOPMI-ADJ5/5|Est_Payment1 |
| Payments 61-120 | RECODEZRNOPMI-ADJ5/5|Est_Payment2 |
| Payments 121-180 | RECODEZRNOPMI-ADJ5/5|Est_Payment3 |
| Payments: 181-240 | RECODEZRNOPMI-ADJ5/5|Est_Payment4 |
| 5/1 | |
| Interest Rate | RECODEZRNOPMI-ADJ5/1|Rate |
| APR | RECODEZRNOPMI-ADJ5/1|APR |
| Points | RECODEZRNOPMI-ADJ5/1|Discount |
| Margin | RECODEZRNOPMI-ADJ5/1|Margin |
| Caps | RECODEZRNOPMI-ADJ5/1|Caps |
| CMT Index | RECODEZRNOPMI-ADJ5/1|Index_Val |
| Est. Payment per $1k borrowed1 | |
| Payments 1-60 | RECODEZRNOPMI-ADJ5/1|Est_Payment1 |
| Payments 61-72 | RECODEZRNOPMI-ADJ5/1|Est_Payment2 |
| Payments 73-84 | RECODEZRNOPMI-ADJ5/1|Est_Payment3 |
| Payments: 85-96 | RECODEZRNOPMI-ADJ5/1|Est_Payment4 |
| 7/1 | |
| Interest Rate | RECODEZRNOPMI-ADJ7/1|Rate |
| APR | RECODEZRNOPMI-ADJ7/1|APR |
| Points | RECODEZRNOPMI-ADJ7/1|Discount |
| Margin | RECODEZRNOPMI-ADJ7/1|Margin |
| Caps | RECODEZRNOPMI-ADJ7/1|Caps |
| CMT Index | RECODEZRNOPMI-ADJ7/1|Index_Val |
| Est. Payment per $1k borrowed1 | |
| Payments 1-84 | RECODEZRNOPMI-ADJ7/1|Est_Payment1 |
| Payments 85-96 | RECODEZRNOPMI-ADJ7/1|Est_Payment2 |
| Payments 97-108 | RECODEZRNOPMI-ADJ7/1|Est_Payment3 |
| Payments: 109-120 | RECODEZRNOPMI-ADJ7/1|Est_Payment4 |
Eligible properties include primary residence single-family homes and condominiums; manufactured homes do not qualify. Maximum Loan-to-Value is 90%. Variable rate. APR and payment subject to increase after loan consummation. Rate is fixed for first five or seven years, depending on program, and adjusts periodically thereafter based on a fully indexed rate.
1APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.
Mortgage Loan Pricing Information
The credit union uses pricing evaluation to determine your mortgage loan interest rate and point combination. This evaluation assesses a group of pricing factors (listed below) specifically related to your mortgage loan. Following the initial evaluation of these pricing factors, you will be given an estimate of what your price will be.
Main Factors That Impact Your Mortgage Loan Price
Credit Score: Your credit score is a number based on information from your credit report including payment history, length of credit history, outstanding balances, and types of credit. Higher scores indicate a more sound credit profile based on maintaining timely payments, low balances, and only opening new credit accounts as needed. FICO is the most commonly used scoring system with a range from 300-850.
Property: The value of the property, determined by an appraisal, compared to the amount you wish to borrow represents your loan-to-value or "LTV." Typically, lower Loan-to-Value will improve your loan pricing. The type of property you are refinancing is also important. For example, a multiple-unit property or condominium will have a different price point compared to a single family detached property.
Loan Type/Term: This refers to the type of loan product you select and its corresponding term. For example, a conforming fixed-rate purchase product will have different pricing than a cash-out refinance product based on the credit and property considerations described above.
Rate Lock/Price Confirmation
While you have the option to lock-in your loan interest rate before final approval, doing so does not guarantee your loan price. Any changes specific to your loan, based on the above pricing factors, will be evaluated and may affect your loan price. Your actual loan price will be redetermined at final loan document approval.
Important Mortgage Loan Information
- Real Estate Lending department: 800.462.8328, ext. 8288.
- Lending area: State of California.
- A Loan Estimate summarizing loan costs will be sent within 72 hours after the loan application is received.
- Loan settlement costs include (but may not be limited to): Origination charge, title insurance, and recording fees.
- Annual Percentage Rate (APR): Represents a loan's interest rate combined with associated fees charged by the lender, and may be variable.
- Adjustable-Rate Mortgage (ARM): Loan begins with a fixed rate for a set number of years; the interest rate and monthly payment adjust periodically during the remaining term. (Example: 5/1 ARM has a five-year fixed rate followed by one-year adjustments for the balance of the loan term.)
- CMT Index: Weekly average of the one-year or five-year Constant Maturity Treasury that determines ARM rate adjustments.
- Jumbo Loans: Mortgage loans greater than the conforming loan limit are known as Jumbo loans.
- Private Mortgage Insurance (PMI): A policy that protects the lender against losses that can occur due to non-payment by the borrower. Insurance is required if the loan amount is greater than 80% of a property's appraised value.
- Rate Lock Policy: Limits apply to the rate lock period and rate locks may not cover the entire period between credit approval and closing in all cases. The standard lock-in-period is 75 days on refinance transactions. See "Rate Lock Information" page or contact the Real Estate Lending department for details.