Many mortgage lenders require a large down payment to avoid Private Mortgage Insurance (PMI). We don’t. Our adjustable-rate mortgages do not require PMI unless you borrow more than 90% loan to value. That means you keep more money for moving, furnishing–whatever you need to make that house yours.
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*Five/One Adjustable-Rate Mortgage (ARM): Annual Percentage Rate (APR) quoted assumes our Five/One ARM of $100,000 without private mortgage insurance (PMI) for a term of 30 years. Initial interest rate of 5.125%. Initial monthly principal and interest of $521.65. Rate floor is 4.00%.
+For first-time home-buyers, 97% after. Escrow may be required. PMI is not required unless you borrow more than 90% loan to value (LTV). APR includes 1% origination fee and 30 days interim interest paid at closing. This limited-time rate applies to new loans and refinanced loan amounts not currently held by the credit union. Limited to borrower’s primary or secondary homes located in SC. Adjustable rates cannot change more than 8% over the life of the loan. Excludes attorney, title, tax, recording, survey, pest inspection, and other fees. $625 appraisal and $10 flood certification are required. Other closing costs may apply. Initial rate set independent of current index plus margin. Other property and underwriting restrictions apply. Mortgage Loan rates are subject to creditworthiness and credit approval. Not all applicants will qualify. Programs, rates, terms, fees, and conditions are subject to change without notice.
HOME MORTGAGE DISCLOSURE ACT NOTICE
The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s Web site (www.consumerfinance.gov/hmda).</p>
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