Mortgage Loans

The payments listed shown here do not include tax or insurance, which are required and will make the monthly payments higher. A full quote of all fees and charges specific to your transaction will be disclosed on the Loan Estimate (LE) once you apply.

The scenarios shown here are based upon the following:

A 15 year (180 month) fixed rate loan term in the state of Washington for a borrower with Very Good Credit (credit scores between 720-739) with a 30 day rate lock, on a Primary Residence, purchase transaction, according to the loan amount and down payment / loan-to-value listed shown here. Information current as of 06/04/2019.

The payments listed shown here do not include tax or insurance, which are required and will make the monthly payments higher. A full quote of all fees and charges specific to your transaction will be disclosed on the Loan Estimate (LE) once you apply.

The 5/1 Conventional Adjustable Rate Mortgage (ARM) has a 30-year fully amortizing term. After the initial period, the variable interest rate and payment will adjust every year. At that point, your interest rate will be calculated by combining an index, the 12-month LIBOR index (2.635% as of May 20, 2019) plus a margin of 2.250%. The maximum periodic change in the interest rate is 2% each adjustment with a maximum rate increase of 5% above the initial interest rate. There is no prepayment penalty. The Annual Percentage Rate (APR) is variable and is subject to increase or decrease, so your payments may increase or decrease each year after the initial period.

5/1 Conventional ARM Example: The initial payment due is 2,694.27 for the first 60 months based on an interest rate of 3.500%. The maximum interest rate after the first adjustment is 5.500% with a corresponding payment of 3,304.91 which will stay in effect for at least 12 months. The next year, the interest rate could reach 7.500%, with a corresponding payment of 3,956.91 which  will stay in effect for at least 12 months. The next year, the loan has the possibility of reaching the maximum interest rate of 8.500%, with a corresponding payment of 4,293.14 which will stay in effect for the life of the loan, unless the rate is lower.

The 7/1 Conventional Adjustable Rate Mortgage (ARM) has a 30-year fully amortizing term. After the initial period, the variable interest rate and payment will adjust every year. At that point, your interest rate will be calculated by combining an index, the 12-month LIBOR index (2.635% as of May 20, 2019) plus a margin of 2.500%. The maximum periodic change in the interest rate is 2% each adjustment with a maximum rate increase of 5% above the initial interest rate. There is no prepayment penalty. The Annual Percentage Rate (APR) is variable and is subject to increase or decrease, so your payments may increase or decrease each year after the initial period.

7/1 ARM Example: The initial payment due is 2,951.64 for the first 84 months based on an interest rate of 4.250%. The maximum interest rate after the first adjustment is 6.250% with a corresponding payment of 3,551.32 which will stay in effect for at least 12 months. The next year, the interest rate could reach 8.250% with a corresponding payment of 4,183.78, which will stay in effect for at least 12 months. The next year, the loan has the possibility of reaching the maximum interest rate of 9.250%, with a corresponding payment of 4,507.36, which will stay in effect for the life of the loan, unless the rate is lower.

The scenarios shown here are based upon the following:

A 30 year (360 month) Adjustable Rate term, where the interest rate is fixed for the first 5 years (60 months) or 7 years (84 months) as applicable, in the state of Washington for a borrower with Very Good Credit (credit scores between 680 and 800) with a 30 day rate lock, on a Primary Residence, purchase transaction, according to the loan amount and down payment / loan-to-value listed shown here. Information current as of 05/20/2019.

The payment listed shown here does not include tax or insurance, which are required and will make the monthly payments higher. A full quote of all fees and charges specific to your transaction will be disclosed on the Loan Estimate (LE) once you apply.

The scenarios shown here are based upon the following:

A 30 year (360 month) fixed rate loan term in the state of Washington for a borrower with Very Good Credit (credit scores between 720-739) with a 30 day rate lock, on a Primary Residence, purchase transaction, according to the loan amount and down payment / loan-to-value listed shown here. Information current as of 07/09/2019.

FHA loans include an Up Front Mortgage Insurance Payment (UFMIP), generally equal to 1.75% of the loan amount paid at closing, or financed into the loan amount, which is in addition to the monthly mortgage insurance payment included in the estimated monthly payment. The example above presumes the UFMIP is paid at closing and is financed into the loan amount.