Mortgage Rate & Loan Assumptions


Mortgage Rate & Loan Assumptions

*The payment figures from this website were calculated using the following assumptions:

Assumption #1 “Get a $55,000 home equity loan for only $360 a month” The sample payment of $360 per month is an interest only payment based upon an draw amount of $55,000 with an variable interest rate starting at 7.8750%; a 120 month draw period with minimum payments of interest only followed by a 180 month repayment period.

Other Limitations and Conditions:

The APR is based upon an Index value (the highest prime rate published in the Wall Street Journal Money Rates table) and is subject to change based upon a change in the Index rate.
The maximum combined loan to value ratio is 80%.
The minimum FICO score for program eligibility is 680 or greater.
The APR is a variable interest rate and is subject to change daily.
The APR will never be greater than 18%, or less than 7.8750% or the initial start rate whichever is greater.
Hazard and flood insurance (if required) must be in effect on the property securing the account. Borrower may be responsible for payment of state and local mortgage recording and transfer taxes.
Assumption #2 “Get a $75,000 home equity loan for only $453 a month” The sample payment of $453 per month is an interest only payment based upon an draw amount of $75,000 with an variable interest rate starting at 7.25% for the 1st month. There is a 120-month draw period with minimum payments of interest only followed by a 180 month repayment period.

Other Limitations and Conditions:

The APR is based upon an Index value (the highest prime rate published in the Wall Street Journal Money Rates table) and is subject to change based upon a change in the Index rate.
The maximum combined loan to value ratio is 80%.
The minimum FICO score for program eligibility is 720 or greater.
The APR is a variable interest rate and is subject to change daily. ((Prime –1.0)
The APR will never be greater than 18%, or less than 7.250% or the initial start rate whichever is greater.
If state law permits an annual fee such annual fee is waived the first year the account is opened.
Hazard and flood insurance (if required) must be in effect on the property securing the account. Borrower may be responsible for payment of state and local mortgage recording and transfer taxes.
Assumption #3 “Get a $25,000 second mortgage for only $292 a month” The sample payment of $292 per month is a principal and interest payment based upon a $25,000 with a fixed interest rate at 11.5% with a 15 year simple interest amortization term.

Other Limitations and Conditions:

The maximum combined loan to value ratio is 125%.
The minimum FICO score for program eligibility is 670 or greater with a disposable income of at least $4,000.
Hazard and flood insurance (if required) must be in effect on the property securing the account. Borrower may be responsible for payment of state and local mortgage recording and transfer taxes.
Assumption #4 “Get a $50,000 2nd mortgage for only $553 a month” The sample payment of $553 per month is a principal and interest payment based upon a $50,000 with a fixed interest rate at 12.75% with a 25 year simple interest amortization term.

Other Limitations and Conditions:

The maximum combined loan to value ratio is 125%.
The minimum FICO score for program eligibility is 670 or greater with a disposable income of at least $3,000.
Hazard and flood insurance (if required) must be in effect on the property securing the account. Borrower may be responsible for payment of state and local mortgage recording and transfer taxes.
Assumption #5 “Get a $100,000 second mortgage for only $1,085 a month” The sample payment of $1,085 per month is a principal and interest payment based upon a $100,000 with a fixed interest rate at 12.375 % with a 25 year simple interest amortization term.

Other Limitations and Conditions:

The maximum combined loan to value ratio is 125%.
The minimum FICO score for program eligibility is 670 or greater with a disposable income of at least $3,000.
Hazard and flood insurance (if required) must be in effect on the property securing the account. Borrower may be responsible for payment of state and local mortgage recording and transfer taxes.
Assumption #6 “Get a $190,000 mortgage refinance loan for only $989 a month” The sample payment of $989 per month is an interest only payment based upon a loan amount of $190,000 with an variable interest rate starting at 6.25% for the 1st 3 years, and then the rate will adjust based on the Libor Index and the margin. The first 120 months of the loan allow minimum payments of interest only followed by a 240 month repayment period.

Other Limitations and Conditions:

The APR is based upon an Index value (the highest prime rate published in the LIBOR index) and is subject to change based upon a change in the Index rate each month.
The maximum loan to value ratio is 80%.
The minimum FICO score for program eligibility is 640 or greater with debt to income ratio not to exceed 40%.
The APR is a variable interest rate and is subject to change daily.
The APR will never be greater than 18%, or less than 6.25% or the initial start rate whichever is greater.
Hazard and flood insurance (if required) must be in effect on the property securing the account. Borrower may be responsible for payment of state and local mortgage recording and transfer taxes.
Assumption #7 “Get a $45,000 home equity loan for only $281 a month” The sample payment of $281 per month is an interest only payment based upon an draw amount of $45,000 with an variable interest rate starting at 7.25% for the 1st month. There is a 120-month draw period with minimum payments of interest only followed by a 180-month repayment period.

Other Limitations and Conditions:

The APR is based upon an Index value (the highest prime rate published in the Wall Street Journal Money Rates table) and is subject to change based upon a change in the Index rate.
The maximum combined loan to value ratio is 90%.
The minimum FICO score for program eligibility is 720 or greater.
The APR is a variable interest rate and is subject to change daily. (Prime -.75)
The APR will never be greater than 18%, or less than 7.50% or the initial start rate whichever is greater.
If state law permits an annual fee such annual fee is waived the first year the account is opened.
Hazard and flood insurance (if required) must be in effect on the property securing the account. Borrower may be responsible for payment of state and local mortgage recording and transfer taxes.
Assumption #8 The payment sample on a $200,000 Fixed 30-Year Mortgage at 3.25% has a monthly payment of $870.41 with $995 in total closing costs. The Annual Percentage Rate, also known as APR is 3.378%. To qualify a borrower must have a 680 middle fico score and suitable debt to income ratio for FHA, Fannie Mae or Freddie Mac guidelines.

The payment examples posted on this website do not include property taxes or premiums for home insurance (if applicable). No property taxes or MIP is required on equity loans or credit lines.

Loan Assumptions:

● Conforming loan Annual Percentage Rate calculations assume a fully documented loan amount of $300,000 on an acceptable owner-occupied detached single family residence (SFR) with a loan-to-value ratio of less than 80% and an impound account for taxes and insurance. APR calculation assumptions include an impound account for taxes and insurance, 15 days prepaid interest at closing, and no subordinate financing and that borrower will provide full income documentation. Rate and term refinance. Available first mortgage rates and fees may vary depending upon your property’s location. Restrictions apply.

● Jumbo loan APR calculations assume a fully documented loan amount of $417,001 on an acceptable owner-occupied detached SFR with a LTV ratio of less than 80% and an impound account for taxes and insurance. APR calculation assumptions include an impound account for taxes and insurance, 15 days prepaid interest at closing, and no subordinate financing. Rate and term refinance. Restrictions apply.

● Flat closing fee programs are based on loans with full documentation, impounds for taxes and insurance, and secured by an acceptable owner-occupied detached SFR with a related LTV of less than 80%. Lender pays closing costs for appraisal, escrow, notary, processing, recording, and title insurance. Borrower responsible for new loan interest costs, satisfaction of outstanding property liens, and property related costs, such as association and seller fees, certifications (septic, termite, and well), insurance (earthquake, flood, hazard, and private mortgage) and taxes (mortgage and property). Other flat closing fee programs available. Please inquire about the availability of flat closing fee purchase loan programs. Restrictions apply.

● Rates will be higher for loan amounts lower than $300,000 and over $650,000. Rates shown on website assume all borrower(s) have a minimum FICO score of 680. Restrictions apply.

● Adjustable rate mortgage APR calculations are based upon the index and investor based margins.

● Subject to underwriter approval; not all applicants will be approved.

Loan Program Disclosures:

Bad Credit No Problem- Requirements for “Bad Credit” Programs: Income may be required with Debt to income ratios under 50% unless otherwise specified. Credit Scores between 500 and 560 require full income documentation. LTV requirements will vary depend on the credit score. (ie 500 fico – 80% LTV, 500-525 – 539 fico – 85% LTV, 540- 579- 90% LTV) LTV = Loan to value

“No fees prior to closing” means that Nationwide Mortgage Loan Company does not charge up-front fees for a loan application. This does not apply to optional “lock fees” that may be charged up-front if you choose an extended lock option when you first apply for your loan.

“No Points” means that Nationwide Mortgage Loan Company is not charging a loan origination fee.

“No Hidden Fees” means that Nationwide Mortgage Loan Company will disclose any and all fees associated with a loan transaction.

“Flat Fee Program” means that escrow, appraisal, notary, processing, lender title, mortgage recording, loan application and FedEx fees will be included as part of the lender’s fee.

Rate Locks are not allowed on the following lien/loan types in the noted states:

On 1st lien loans, rate locks are not permitted in Alaska, Colorado, Connecticut, Nebraska, and Virginia.
Rate locks are not permitted on any loans in Georgia, Maine, Massachusetts, and New Hampshire. Nationwide Mortgage Loans arranges but does not make loans.

Other Limitations and Conditions:

Alaska Business License No 299754; Loans will be made or arranged pursuant to California Department of Real Estate, CA Mortgage Broker # 01383182; Colorado Supervised Lender License; CT Connecticut Second Mortgage Broker # 13387; FL State Florida Mortgage Broker # 385366; GA Georgia Residential Mortgage Licensee, Mortgage Broker # 19240; MA Mortgage Broker # MB3598; This is not an offer to enter into an agreement, ME Main Loan Broker # CSO6907; MD Maryland Mortgage Lender # 12704; MI Registered in Michigan as Second Mortgage Broker #SL 0010472; NE Nebraska Mortgage Banker # 825; NH Licensed by the New Hampshire Banking Department (Mortgage Broker # 11471-MBR); Utah Consumer Credit Notification ; VA Licensed by the Virginia State Corporation Commission, Mortgage Broker # 2456; WA Washington Mortgage Broker # 510-MB-25970; Not licensed in all 50 states. Loan Products and services offered may not be available to residents in certain states. State restrictions may apply. For updated licensing info please mail request to BD Nationwide Mortgage, 515 Encinitas Blvd ste 100 , Encinitas CA 92024 For Adjustable rate mortgage loans APR calculations are based from the index & Lender based margins. All loan programs are subject to lending & underwriting approval. Unfortunately, not all loan applicants will be approved.