| Advertised annual savings based on an interest rate reduction of 1/2% from a current interest rate assuming a minimum loan amount of $220,000.00. Your actual loan amount and interest rate reduction will determine actual annual savings.
$500.00 Closing Cost Program
Your total closing costs for your loan will be $500.00.
There are no additional costs such as application, processing, underwriting, lender or doc prep fees. You don’t pay extra for the appraisal, credit report, flood determination or tax service. It won’t cost you anything for attorney/closing fees, title searches, title insurance or recording fees.
We will provide you with a good faith estimate of the costs which binds us to the disclosed fees. You won’t get some closing cost worksheet or other document meant to get around providing you with a true good faith estimate.
Other programs for which you may qualify are available which may offer a lower interest rate. These programs have additional closing costs but may result in lower monthly payments and total cost to you over the life of the loan.
Program Qualifications – Closing cost pricing of $500.00 is offered for the initial purchase or rate and term refinance of your primary residence.
Minimum credit scores are required – Conventional/Conforming loan programs require a credit minimum qualifying credit score of 720 for each borrower. FHA loan programs require a minimum qualifying credit score of 640 for each borrower.
Minimum Loan Amount – $200,000.00
Maximum LTV – 80%
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APR (example calculation assumes no per diem interest)
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Loan Amount: |
$200,000.00 |
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Interest Rate: |
5.125% |
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Loan Term: |
30 Years |
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Total Closing Costs: |
$500.00 |
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Initial Monthly Payment: |
$1,088.97 |
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APR: |
5.147% |
“Closing costs” as defined for this program do not include taxes, hazard/flood insurance premiums, per diem interest or escrows due at or prior to closing. All taxes must be current and all insurance premiums paid to date at the time of closing. FHA loans will have additional premiums associated with the mortgage insurance which are the borrower’s responsibility. These FHA premiums may be paid at closing or financed through an increase in the loan amount. It is assumed that you hold or will hold good title to grant a first lien mortgage position. Title issues that must be resolved prior to closing and the costs associated with resolving those issues as well as subordination fees paid to other lenders for the subordination of home equity lines or second mortgages are the responsibility of the borrower.
There when you need us.
For more information, or to apply for a mortgage, call 1-800-EastWest or apply online.
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