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Loan assumptions and Disclosures

APR (Annual Percentage Rate) is based on a margin of 2.75 over the weekly average of the One Year Treasury Bill index as made available by the Board of Governors of the Federal Reserve System. 1 - 4 Family up to 97% loan to value (LTV). Rates and terms described are based on the following assumptions. The purpose of the loan is to purchase a property, with a loan amount of $160,000 and an estimated property value of $200,000. The property is located in Connecticut. The property is an existing single family home and will be used as an owner occupied primary residence. An escrow (impound) account is required. The rate lock period is 60 days and the assumed credit score is 740.

Low down payment programs are also available. Rates are subject to change without notice. Variable and Adjustable rates may increase during the term of the loan. All mortgages with less than 20% down payment may require PMI (Private Mortgage Insurance). The rate and point structure will be the same as mortgages with a 20% down payment. Interest rates are subject to credit and property approval based upon secondary market guidelines. Interest rates and APRs (Annual Percentage Rates) may vary depending on loan details, such as points, loan amount, your credit and property occupancy. The rates shown are available to borrowers with a satisfactory credit history. For more information, view the Consumer Handbook on Adjustable-Rate Mortgages​​​​​​.

Loan details 10/1 adjustable rate mortgage (ARM)

10/1 Adjustable Rate payment schedule would be 120 monthly payments of $1,024.50 at an interest rate of 6.625%, 239 monthly payments of $653.19 at an interest rate of 2.75% and 1 monthly  payment of $651.04 at an interest rate of 2.75%. This payment amount includes principal and interest and does not include taxes and insurance, the actual payment will be greater. The rate can increase after consummation.

Adjustable rate details

Current index rate 5.420% (variable)
Margin 2.750%
Rate adjustment frequency 1 Year
First adjusted interest rate cap 5.000%
Periodic adjusted interest rate cap 2.000%
Lifetime rate cap 5.000%


Maximum rate and payment adjustments

After the initial fixed-rate period based on the initial interest rate and interest rate caps disclosed above, the maximum first adjusted rate for this loan will never be more than 11.625%, with a maximum first payment of $1,599.74. The maximum lifetime rate will never be more than 11.625% with an estimated maximum monthly payment of $1,599.74.