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Mortgage Loan Rates

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Wakefield Co-operative Bank NMLS #406738

Owner occupied 1-4 Family, Condos, Primary Residence and Second Homes.

FNMA Conforming Loan Amount Limits 

1 Family     $424,100.00
2 Family     $543,000.00
3 Family     $656,350.00
4 Family     $815,650.00

 

1. Fixed Mortgage Loan Rates*
(Effective: Sunday, October 22, 2017)
Program
Term
Interest Rate
Points
APR
Monthly Payments
per $1000 borrowed
Fixed Rate Mortgages
10 years
3.250%
0 3.519%
$9.77
15 years
3.250%
0 3.435%
$7.03
20 years
3.750%
0 3.896%
$5.93
30 years
4.000%
0 4.106%
$4.77


2. Adjustable Rate Mortgages*
(Effective: Sunday, October 22, 2017)
Program
Term
Interest Rate
Points
APR
Monthly Payments
per $1000 borrowed
*3/1 Year ARM
(Fully indexed rate: 4.125%)
360 months
2.875%
0 3.944%
 to  3 years   $4.15
 to  30 years   $5.12
*5/5 Year ARM
(Fully Indexed Rate: 4.750%)
360 months
3.250%
0 4.322%
 to  5 years   $4.35
 to  30 years   $5.70
**7/1 Year ARM
(Fully Indexed Rate: 4.125%)
360 months
3.375%
0 3.878%
 to  7 years   $4.42
 to  30 years   $5.62
**10/1 Year ARM
(Fully Indexed Rate : 4.125%)
360 months
3.625%
0 3.932%
 to  10 years   $4.56
11   to  30 years   $5.62
*
The "Monthly Payments per $1000 borrowed" amounts referenced above do not include real estate taxes and insurance. The actual monthly payment will be higher if an escrow account is established or required.

*Caps- 2/6 with 2.750% margin on the 3/1 & 5/5 ARMs.

**Caps- 5/2/5 with 2.750% margin on the 7/1 & 10/1 ARMs.

Also Available:
No Points no closing costs programs
Investment Property Loan
Loans to 1st time Homebuyers
Bridge Loans

Special Features:
45 day Rate locks available at application
No prepayment Penalties

(1)Annual Percentage Rate (APR) assumes a $100,000 loan with a 20% down payment. Fixed rate and adjustable rate loans are available with a 5% minimum down payment with PMI.
(2) Current fully indexed rate is based on the weekly average yield on U.S. Treasury Securities adjusted to constant maturities of 1 year for our adjustable rate mortgage rates. Current index for 1 year is 1.41% and for 5 year is 1.94%.
(3) Annual Percentage Rate (APR) may increase after consummation.
All posted rates are considered benchmark rates. Your actual rate and points may be different.


Fixed Jumbo Mortgage*
(Effective: Sunday, October 22, 2017)
Program
Term
Interest Rate
Points
APR
Monthly Payments
per $1000 borrowed
15 Year Fixed Jumbo Mortgage
180 months
3.375%
0 3.561%
$7.09
20 Year Fixed Jumbo Mortgage
240 months
3.875%
0 4.021%
$5.99
30 Year Fixed Jumbo Mortgage
360 months
4.125%
0 4.232%
$4.85
**Minimum loan amount is $424,101. Maximum loan amount is up to $1 million and dependent upon loan to value. Annual Percentage Rate (APR) assumes a $100,000 loan with a 20% down payment. Monthly payment on 30 Year Fixed Rate mortgage is 360 payments at $4.77 per $1,000 borrowed. Available to owner occupied, primary residence, single family or condominium units in Wakefield Co-operative Bank CRA communities. Must be a new loan to the bank and used to purchase or refinance. Cash out available up to 80% loan to value. Borrower’s FICO score must be above 720 to qualify. Taxes, insurance, homeowner fees, and escrow account may be added to and increase monthly payment. Other terms and conditions may apply. Available for a limited time only.