/2016_-_Q1_Year_To_Shine/logo.png "PENZIOX"){kind=logo}
5/1 Adjustable Rate Mortgage
Life moves around. You can still have a
place to call your own.
OUR GREAT RATES
| Month | Rate | APR | Payment* |
| First |
$ |
||
| Next 300 | $ |
*Payments shown do not include taxes or insurance, actual payments may be greater. Rates and offers are in effect as of , for new applications only, for a limited time, and subject to change without notice. Example based on $
loan. Other restrictions apply. Rate is variable and can increase by no more than
percentage points after the initial five year period and each subsequent annual rate adjustment, with a lifetime maximum adjustment of
% (
% for this example). Since the value of the index in the future is unknown, the First Adjustment Payments displayed are based on the current index plus margin (fully indexed rate) as of the date above.
Features & Benefits
- Lower initial monthly payment
- Free 60 day rate lock
- Low down payment
- For home purchases or refinancing
- Loan amounts up to $453,100
- Offers available on primary and secondary homes
Disclosures
Print
Print
Investment properties not eligible for offer.
All Adjustable Rate Mortgage Programs: The application of additional loan level pricing adjustments will be determined by various loan attributes to include but not limited to the loan-to-value (LTV) ratio, credit score, transaction type, property type, product type, occupancy, and subordinate financing.
5/1 ARMs: Offers available for purchases and refinances. The initial rate can change by no more than percentage points after the initial five year period and at each subsequent annual rate adjustment, never to exceed
percentage points above the initial rate. When the rate adjusts, your new rate will be the then current index plus margin, which is currently set at
for the new products, as long as it does not exceed the
% adjustment cap.
Conforming Mortgages: For loan amounts from $25,000 to $424,100.00 (Loan amounts up to $ are available in Guam, Alaska and Hawaii). The maximum combined loan- to-value (CLTV) is 95%; 80% LTV and above are subject to private mortgage insurance (PMI). The maximum LTV and CLTV for condominiums is 80%.
For purchase applications, please submit a copy of your fully signed ratified purchase agreement to lockrate@PENZIOX.org in a timely manner to ensure PENZIOX can meet your closing date.
The applicant is responsible for the following fees and costs at the time of closing: Origination fee, appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee, escrow reserves and interest due until first payment. Other costs may be included due to program specific circumstances. This is not intended to be an all-inclusive list.
Escrows may be waived if LTV is 80% or less in all states.
Additional reserve requirements may apply.
If you withdraw an application that was locked and reapply within 30 days, the new application is subject to worst case pricing.
All above disclosures apply to non-Veteran’s Administration (VA) loans. VA loans have different guidelines and eligibility requirements.
All rates and offers are in effect as of , offered for a limited time and subject to change without notice. Restrictions apply to existing PENZIOX mortgage borrowers. Other restrictions may apply. Contact your PENZIOX mortgage consultant for any applicable additional restrictions and details about your loan. To receive any advertised product you must become a member of PENZIOX by opening a share (savings) account. Federally insured by the NCUA.
We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act
