1Published rate may be adjusted based on credit score and down payment. ARMs require 5% minimum down payment. Rate adjustment could occur after the initial term (1, 3, 5, 7, or 10 years) and annually thereafter based on the UST1YW as published in the Wallstreet Journal; loan rate is calculated by adding a margin of 2.75%. Rate will not increase more than 2% in any given year and not more than 6% total over the loan term on 1, 3, or 5 year ARM. Rate will not increase more than 5% in any given year and not more than 5% total over the loan term on 7 or 10 year ARM. No conversion option. Published rate may be adjusted based on other factors, including but not limited to, when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, and loan to value. Non-refundable application Fee of $599 is required. Available on single family, detached homes, owner-occupied upon completion. Additional restrictions may apply. Rates and terms are subject to change at any time and without notice.
2To calculate estimated monthly payment, multiply the payment amount shown by the mortgage amount in thousands. For example, 30-year 6.375% loan for $100,000 would be: 100 X $6.24= $624 per month. All rates and terms are subject to change without notice. Actual payments will be higher with taxes, insurance, and private mortgage insurance if required.
3Rates are based on Purchase money transactions, refinance terms are also available as not all programs are shown. For more information, please contact a Kohler Credit Union Mortgage Originator. Actual payments will be higher with taxes, insurance, and private mortgage insurance if required. Rates and terms are subject to change at any time and without notice; additional restrictions may apply. Published rate may be adjusted based on other factors, including but not limited to, when your rate is locked, actual occupancy status, loan purpose, loan amount, credit score, debt to income ratio, and loan to value. A non-refundable application fee of $599 is required. Private Mortgage Insurance (PMI) required for loans with less than 20% down.
4Annual percentage rate (APR) refers to the yearly interest generated by a sum that's charged to borrowers or paid to investors. APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment. This includes any fees or additional costs associated with the transaction but does not take compounding into account. The APR provides consumers with a bottom-line number they can compare among lenders, credit cards, or investment products.
5A mortgage point equals 1 percent of your total loan amount — for example, on a $100,000 loan, one point would be $1,000. Mortgage points are essentially a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payments (a practice known as “buying down” your interest rate). Typically, you would buy points to lower your interest rate on a fixed rate mortgage. Buying points for an ARM only provides a discount on the initial fixed period of the loan and isn't generally done. Because you’re paying more up front, the reduced interest rate will only save you money over the long term. The longer you plan to own your new home, the better the chance that you’ll reach the “break-even” point where the interest you've saved compensates for your initial cash outlay. If you have a shorter-term plan, have limited cash, or would benefit more from a bigger down payment, paying points may not benefit you. A Kohler Credit Union mortgage loan originator can help you decide whether paying points is an option for you.