![]() ![]() Mortgage Information Nationwide Mortgage Licensing Systems IDs Schedule of Service Charges Privacy PolicyĭocuSign Disclosure Borrowers Bill of RightsĬonsumer Caution and Home Ownership Counseling Notice Electronic Correspondence Disclosure and Agreement Our Mortgage Loan Officers can help you identify which option may be best for you.Įlectronic Correspondence Disclosure and Agreement Multi-Featured Loan Agreement The rate changes are limited to an increase or decrease of up to 2% at each annual adjustment, and subject to both a minimum rate (floor) and maximum rate (ceiling) over the life of the loan. After the initial term, the interest rate adjusts higher or lower based on the 1 year US Treasury market. The monthly payments are based on a 30-year amortization, and can change throughout the life of the loan. Adjustable-Rate Mortgages are perfect for short-term home ownership, large payments towards the loan in the first few years, or for members simply looking to save money with a lower fixed rate for the first 3 to 5 years. With our Adjustable-Rate Mortgage your home loan will be at a lower rate for the first 3 to 5 years. A down payment of at least 3% is required. With our Conventional Fixed-Rate Mortgage you can select from 10, 15, 20, 25 and 30-year terms with a fixed rate for the length of the loan. With an adjustable rate mortgage, the interest rate may go up or down. The difference between a fixed rate and an adjustable rate mortgage is that, for fixed rates the interest rate is set when you take out the loan and will not change. ![]()
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