Land Loan Rates
|
Type |
Term |
Rate |
APR |
|---|---|---|---|
|
APR = annual percentage rate, effective as of 04/22/2020. |
|||
|
Type Land (3-year adjustable rate) 2 |
Term 15 years |
Rate 6.750% |
APR 6.01% |
Disclosures
- 1
- – Payment examples do not include amounts for taxes and insurance premiums and actual payment obligation may be greater than illustrated. APR = annual percentage rate.
- 2
- – 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%.