Legal Disclosure

This site is designed to help you identify which loan programs may meet your needs. The site does not take into account all factors that a lender will consider in reviewing a mortgage loan application. To find out if you qualify for a loan, you must submit a pre-application. Requirements will vary for different loan programs based upon the equity in your home.

Interest Rates and Annual Percentage Rate (APR)

 The interest rates and APR's shown are for illustration only and are based on an assumed loan of $100,000 with no discount points, a one percent origination fee and other closing costs of $1,000. Closing costs will vary. The APR does not include Private Mortgage Insurance, which is required on any loan that represents more than 80% of the value of the mortgaged property. Since loan terms vary considerably,  the APR for your loan specific situation will be provided by your Mortgage Consultant after you complete your application.

Private Mortgage Insurance (PMI)

PMI is required on any loan that represents more than 80% of the value of the mortgaged property. In other words, any borrower with less than 20% equity in their home will be required to pay PMI. The PMI premium will be based on the original amount of equity in your home. A larger premium is required the smaller the percentage of equity because of a higher default risk. Once a borrower’s equity position reaches 20% or more, PMI may be eliminated by refinancing the balance of the loan, provided that 20% equity can be proven at the time of the refinancing.