Interest rates are based on specific scenarios. Things that determine your rate are credit score, loan to value, purchase or re-finance, and the term of your loan.
To get a rate quote based on your specific loan scenario, contact Joe Spada (Mortgage Loan Officer) by e-mail at firstname.lastname@example.org, or by phone at (989) 460-6243.
|Effective Date: Thursday, December 12th, 2013|
|The mortgage rates are our lowest possible rates which not all members qualify for. APR based on $100,000.00, and 80% or 60% LTV financed for specified term.|
Conventional First Mortgage**
|4.750%||4.820%||up to 100%|
|4.000%||4.000%||up to 100%|
* APR is Annual Percentage Rate. Rates are quoted "as-low-as" and are subject to change.
** Maximum financed is $417,000 for Conventional First Mortgages.
*** HELOC rate based on a 10 year draw. Maximum rate that may be imposed is 18% and maximum financed for all Home Equity loans is $100,000.
Rates Vs. APR
What is the difference between the interest rate and the A.P.R.?
You'll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised. The easy answer to "why" is that federal law requires the lender to tell you both.
The A.P.R. is a tool for comparing different loans, which will include different interest rates but also different points and other terms. The A.P.R. is designed to represent the "true cost of a loan" to the borrower, expressed in the form of a yearly rate. This way, lenders can't "hide" fees and upfront costs behind low advertised rates.
While it's designed to make it easier to compare loans, it's sometimes confusing because the A.P.R. includes some, but not all, of the various fees and insurance premiums that accompany a mortgage. And since the federal law that requires lenders to disclose the A.P.R. does not clearly define what goes into the calculation, A.P.R.s can vary from lender to lender and loan to loan.
Note when you're browsing for loan terms that the A.P.R. will not tell you about balloon payments or prepayment penalties, or how long your rate is locked. Also, you'll see that A.P.R.s on 15-year loans will carry a higher relative rate due to the fact that points are amortized over a shorter period of time.