Rates

Mortgage Rates

Rates are current as of 5/12/08 and are subject to change without notice

FIXED RATE

Conforming
(Loan amounts of $150,000 to $417,000 with full documentation)

Loan Term Rate Points APR Monthly Payments
30 Years – Points and fees 5.750% 1.000 5.920% $875.36
30 Years – Interest only 6.125% 0.875

6.271%

$765.63
30 Years – No points with fees 6.000% 0.000 6.077% $899.33

Loan Term Rate Points APR Monthly Payments
15 Years – Points and fees 5.375% 0.750 5.618% $1,215.70
15 Years – No points with fees 5.625% 0.000 5.753% $1,235.60

 

Non-Conforming
(Loan amounts of $417,001 to $650,000 with full documentation)

Loan Term Rate Points APR Monthly Payments
30 Years – Points and fees 7.750% 3.500 8.156% $3,008.93
30 Years – Interest only 10.250% 3.500

10.701%

$3,587.50
30 Years – No points with fees N/A N/A N/A N/A

Loan Term Rate Points APR Monthly Payments
15 Years – Points and fees 9.750% 2.125 10.179% $4,449.32
15 Years – No points with fees N/A N/A N/A N/A

 

ADJUSTABLE RATE

Conforming and Non-Conforming
(Loan amounts of $150,000 to $650,000 with full documentation)

Loan Term Rate Points APR Monthly Payments
5/1 ARM – Interest only 7.500% 0.875 5.881% $2,625.00
5/1 ARM – Points and fees 6.250% 0.875 5.396% $2,586.01

 


Disclosures & Assumptions
Conforming examples are based on a loan amount of $150,000. Non-conforming and ARM examples are based on a loan amount of $420,000. Annual Percentage Rate (APR) is calculated using total points and $1,235 in estimated closing costs.

All examples are based on the following conditions:

  • Property is an owner-occupied single family residence
  • Property is located in California
  • Down payment or equity is 20%
  • Income and assets are documented and are sufficient to qualify
  • Rates and points are based on a 30-day rate lock period
  • Credit subject to Far East National Bank approval

Adjustable-rate mortgage rates are subject to increase after the initial fixed rate period. Rates, fees, programs, and/or terms are subject to change without notice. Consult your tax advisor regarding tax deductibility of interest.

Representative Examples

  • A 15-year loan of $250,000 with a 6.250% APR would have 180 monthly payments of $2,143.56.
  • A 30-year loan of $250,000 with a 6.500% APR would have 360 monthly payments of $1,580.17.

If down payment is less than 20%, mortgage insurance may be needed, increasing the monthly payment and APR.

Member FDIC | Equal Housing Lender | Privacy & Security | Site Map
© 2007 Copyright Far East National Bank All Rights Reserved