1. The Clarity Commitment® summary is provided as a convenience, does not serve as a substitute for a borrower's actual loan documents, and is not a commitment to lend. Borrowers should become fully informed by reviewing all of the loan and disclosure documentation provided.
Calculators are intended for illustrative purposes only, and use the down payment amount you entered. Minimum down payment requirements vary by lender. Ask your lender for details. Minimum credit scores may apply and not all applicants will qualify. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Important loan information including rates and estimated paymentsclose
Scroll down for important rate and payment information
Interest rates and 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 (annual percentage rate) 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.
Loan details for 5/1 adjustable-rate mortgage (ARM)
The following information assumes a loan amount of $200,000 with an initial interest rate of 2.75% (3.023% APR) for 60 months and points of 0.992.
|Number of payments||Estimated interest rate||Estimated monthly payments (principal and variable interest only)|
|Adjustable rate details|
|Current index rate||0.564% (variable)|
|Rate adjustment frequency||12 months|
|First adjusted interest rate cap||2.0% (variable)|
|Subsequent adjusted interest rate cap||2.0% (variable)|
|Lifetime rate cap||6.0% (variable)|
Maximum rate and payment adjustments
After the initial fixed-rate period based on the interest rate caps disclosed above, the maximum first adjusted rate for this loan will never be more than 4.75% with a maximum payment of $1,010.00. The maximum subsequent adjusted rate will be 6.75%, with a maximum first payment of $1,216.00. The maximum lifetime rate will never be more than 8.75% with an estimated maximum monthly payment of $1,434.00.
|Rates and APRs also assume:|
|Property type/use:||Single family residence/owner occupied|
|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.)|
|Monthly payment:||30-year fixed: $, 15-year fixed: $, 5/1 ARM: As displayed above (Estimated monthly payment does not include taxes and insurance, which will result in a higher monthly payment.)|
|Discount point(s):||As displayed|
|Lien Position:||First lien|
|Property location:||North Carolina|
|Loan Term:||As displayed|