Loan Assumptions and Disclosures

Interest rates and annual percentage rates (APRs) are based on current market rates, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons to property type, loan amount, loan-to-value, credit score, refinance with cash out and other variables. Contact Sirva Mortgage for details. This is not a credit decision or a commitment to lend. Mortgage insurance may be required depending on loan guidelines. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Additional loan programs may be available.

APR reflects the effective cost of your loan on a yearly basis, taking into account such items as interest, most closing costs, discount points (also referred to as "points") and loan origination fees. One point is 1% of the mortgage amount (for example, $1,000 on a $100,000 loan) based on the interest rate on your note layer, not on APR.

Adjustable-Rate Mortgage (ARM) rates assume no increase in the financial index after the initial fixed period. ARM rates and monthly payments are subject to increase after the fixed period: ARMs assume a 30-year term.

Loan Details for 5 Year Adjustable-Rate Mortgage (ARM)

The following monthly payments are based on a loan amount of $400,000.00 with an initial interest rate of 7.125% (7.586% APR) for 60 months and 1 point.

Loan Details for 5-Year ARM

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Months Estimated Rate Estimated Payment
60 7.125% $2,694.87
61 - 72 $2,019 min - $3,456 max
73 - 84 $1,661 min - $3,989 max
85 - 360 $1,661 min - $3,989 max
Months60
Estimated Rate7.125%
Estimated Payment$2,694.87
Months61 - 72
Estimated Rate
Estimated Payment$2,019 min - $3,456 max
Months73 - 84
Estimated Rate
Estimated Payment$1,661 min - $3,989 max
Months85 - 360
Estimated Rate
Estimated Payment$1,661 min - $3,989 max

Last Updated Apr 15, 2024

Adjustable-Rate details

Margin2.250%
Rate adjustment Frequency1 year
First adjusted interest rate cap 2.000% 
Subsequent adjusted interest rate cap2.000%
Limited rate cap5.000% 

Maximum rate and payment adjustments

After the initial fixed-rate period based on the initial interest rate and interest caps disclosed above. The maximum lifetime rate will never be more than 12.125% with an estimated maximum monthly payment of $3,989.

Your results are based the purchase of a home in ZIP code 44131 with an estimated purchase price of $534,000 and an estimated down payment of $134,000.00.

 

Loan Details for 10 Year Adjustable-Rate Mortgage (ARM)

The following monthly payments are based on a loan amount of $400,000.00 with an initial interest rate of 7.375% (7.624% APR) for 120 months and 1 point.

Loan Details for 10-Year ARM

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Months Estimated Rate Estimated Payment
120 7.375% $2,762.70
121 - 132 $2,171 min - $3,414 max
133 - 144 $1,835 min - $3,881 max
145 - 360 $1,816 min - $3,881 max
Months120
Estimated Rate7.375%
Estimated Payment$2,762.70
Months121 - 132
Estimated Rate
Estimated Payment$2,171 min - $3,414 max
Months133 - 144
Estimated Rate
Estimated Payment$1,835 min - $3,881 max
Months145 - 360
Estimated Rate
Estimated Payment$1,816 min - $3,881 max

Last Updated Apr 15, 2024

Adjustable-Rate details

Margin2.250%
Rate adjustment Frequency1 year
First adjusted interest rate cap 2.000% 
Subsequent adjusted interest rate cap2.000%
Limited rate cap5.000% 

Maximum rate and payment adjustments

After the initial fixed-rate period based on the initial interest rate and interest caps disclosed above. The maximum lifetime rate will never be more than 12.375% with an estimated maximum monthly payment of $3,881.

Your results are based on the purchase of a home in ZIP code 44131 with an estimated purchase price of $534,000.00 and an estimated down payment of $134,000.00.