Rates as of Saturday, March 6, 2010
Product Description Interest Rate Payment per $1,000 Apply
15 Year Conventional Fixed Rate Loan
15 Year   4.500% $7.65
20 Year Conventional Fixed Rate Loan
20 Year   5.000% $6.60
30 Year Conventional Fixed Rate Loan
30 Year   5.125% $5.44
Swift Fixed Rate Loan (Bi-Weekly Payment)
7/23 Two Step   5.500% $5.68
10 Year (9 year) Swift Fixed Rate Loan (Bi-Weekly Payment)
10 Year (Bi-weekly Payment)   5.250% $11.64
15 Year (13 Year) Swift Fixed Rate Loan (Bi-Weekly Payment)
15 Year (Bi-weekly Payment)   6.000% $9.25
20 Year (17 Year) Swift Fixed Rate Loan (Bi-Weekly Payment)
20 Year (Bi-weekly Payment)   6.375% $8.04
30 Year (23 Year) Swift Fixed Rate Loan (Bi-Weekly Payment)
30 Year (Bi-weekly Payment)   6.500% $6.99
5 Year Ballon Monthly Payment
5 Year Balloon Commercial Real Estate (Monthly Payment)   6.125% $19.39
30 Year Amortization One Year Adustable Rate Loan
30 Year Amortization One Year Adjustable Rate Loan   4.000% $85.15
 
 

All mortgage loans require a minimum borrower’s equity of $3,000.00.

Any of the following interest rates may be lowered by 1/4% for each additional point paid at closing.  (up to a maximum of ½% interest rate reduction)

The following rates and terms are subject to change without notice.

 
  "SIFT" BI-WEEKLY FIXED RATES
"Swift" Bi-weekly payments.  Monthly payment is divided in ½  and paid bi-weekly. Payment is automatically deducted from a Sterling Federal Bank checking account.  Single family owner occupied.
   

ONE YEAR ARM

One year adjustable rate mortgages.  Single family owner occupied.  Indexed to the FHLB 7th District monthly average cost of funds.

Annual Interest Rate Cap               2% Up or Down

Lifetime Interest Rate Cap              6% Up or Down

 

 

 1-4 UNIT INVESTMENT PROPERTY

 

The maximum L-T-V ratio is 80% on A, A-, or B rate investment property, 75% L-T-V on C Rate.  The interest rate and/or margin is .5% higher than the single family owner occupied rate on all loan programs and risk based

A, A-, B, and C rates are applicable.

 

CLOSING COSTS / LOAN PROCESSING FEES

Products

Contruction Loan Mortgage $400

Construction Loan Inspection Fees $450

Purchase or Refinance Mortgage $400

FHLMC Mortgage $500

Equity Loan Mortgage $138

Equiline of Credit $138

 

 

*** PLEASE NOTE THE ABOVE COSTS ARE APPROXIMATE

 

Contract Sale Agreement Required

$350.00

Rate Modification In House Mortgage

$675.00

 

Title insurance or abstract/legal opinion is required on all mortgages.

SUBORDINATIONS

Cost $90.00 if approved for any other lender.