– Payment examples do not include amounts for taxes and insurance premiums and actual payment obligation may be greater than illustrated. APR = annual percentage rate.
– The land loan is an adjustable-rate mortgage and may increase after the original fixed rate period. Variable interest rate may adjust 2% annually after the fixed rate period with a 6% lifetime cap and impact the monthly payment. Adjustable-rate mortgage payment example: The land loan is a variable rate loan; interest rates and payments may increase after the original fixed-rate period. A loan for $100,000 at a 6.75% initial interest rate and APR of 6.61% will have the following monthly payment: 36 payments of $884.91 at an interest rate of 6.75%, 143 payments of $811.74 at an interest rate of 5.125%, and 1 payment of $812.57 at an interest rate of 5.125%.
– The construction loan APR assumes paying 1 point equal to one percent of the loan amount. The monthly payment is based on interest only on the amount drawn and a balloon payment due for the entire loan balance at the term maturity. APR = annual percentage rate. Fixed rate mortgage payment example: A fixed rate loan of $100,000 for 1 year at a 5.75% interest and an APR of 8.67% is a $239.58 monthly payment.