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Fixed-Rate Mortgages
When you’re looking for the stability of a fixed monthly payment, a fixed-rate mortgage is the way to go. Your interest rate remains the same for the life of the mortgage.
Adjustable-Rate Mortgages (ARM)
ARMs start with a fixed interest rate for 3, 5, 7, or 10 years followed by periodic rate and payment adjustments. Fully amortized over the life of a 30-year loan term, a hybrid ARM loan may be your best option.
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As of 11/02/2022
| Product | Interest Rate1 | Discount Points2 | APR3 | Monthly Payments | Payments per $1,0004 |
|---|---|---|---|---|---|
| Product30 Year Fixed – Purchase/Refinance6 | Interest Rate16.875% | Discount Points20.00 | APR37.130% | Monthly Payments360 | Payments per $1,0004 $6.57 |
| Product20 Year Fixed – Purchase/Refinance6 | Interest Rate16.750% | Discount Points20.00 | APR37.080% | Monthly Payments360 | Payments per $1,0004$7.60 |
| Product15 Year Fixed – Purchase/Refinance6 | Interest Rate16.500% | Discount Points20.00 | APR36.905% | Monthly Payments360 | Payments per $1,0004$8.71 |
| Product12 Year Fixed – Purchase/Refinance6 | Interest Rate16.250% | Discount Points20.00 | APR36.731% | Monthly Payments360 | Payments per $1,0004$9.89 |
| Product10 Year Fixed – Purchase/Refinance6 | Interest Rate16.250% | Discount Points20.00 | APR36.813% | Monthly Payments360 | Payments per $1,0004$11.23 |
1Illustrated Rates are for single family, owner occupied residential properties for mortgage loans up to the current conforming loan limit ($726,200). Rates may also be impacted by other factors including property type, loan to value, appraisal review, and other factors, and may be different than the rates posted.
2Point options available upon request. Payments do not include Real Estate Taxes & Insurance. The actual payment may be greater.
3Annual Percentage Rates (APR) are based on $250,000 loan amount for conventional mortgage loans with a 20% down payment. Any down payment less than 20% requires a monthly PMI (Private Mortgage Insurance) payment.
4Payment per $1,000 represents the monthly payment based on a $1,000 loan at the rate and term indicated.
5Rates are subject to change without notice and are not locked until Intent to Proceed is received.
6Refinance is for rate and term only and may be subject to other factors as stated above.
Not a commitment to lend or extend credit. Subject to credit approval. Please call a mortgage professional at Windsor Federal Bank for more information.
As of 11/02/2022
| Product | Interest Rate1,2 | Discount Points3 | APR4 | Monthly Payments | Payments per $1,0005 | Payments per $1,000 (fully indexed)6 |
|---|---|---|---|---|---|---|
| Product3-Year/6-Month Adjustable Rate8 | Interest Rate1,26.875% | Discount Points30.00 | APR47.130% | Monthly Payments360 | Payments per $1,0005$6.57 | Payments per $1,000 (fully indexed)6 |
| Product5-Year/6-Month Adjustable Rate9 | Interest Rate1,26.250% | Discount Points30.00 | APR47.741% | Monthly Payments360 | Payments per $1,0005$6.16 | Payments per $1,000 (fully indexed)6 |
| Product7-Year/6-Month Adjustable Rate10 | Interest Rate1,26.250% | Discount Points30.00 | APR47.494% | Monthly Payments360 | Payments per $1,0005$6.16 | Payments per $1,000 (fully indexed)6 |
| Product10-Year/6-Month Adjustable Rate11 | Interest Rate1,26.375% | Discount Points30.00 | APR47.276% | Monthly Payments360 | Payments per $1,0005$6.24 | Payments per $1,000 (fully indexed)6 |
1For Adjustable Rate Mortgages (ARM) loans, the interest rate will remain fixed until the first biannual adjustment and is subject to increase or decrease after consummation. The adjustable rate index used is based on the 30-day compounded average of the SOFR (Secured Overnight Financing Rate) as published by the Federal Reserve Bank of New York and be found at: SOFR Averages and Index Data – Federal Reserve Bank of New York (newyorkfed.org). Adjustments are based on the SOFR index plus a margin of 3.00%. However, at no time will the Annual Percentage Rate (APR) be higher than 18.00%.
2Illustrated Rates are for single-family, owner-occupied residential properties for mortgage loans up to the current conforming loan limit ($726,200). Rates may also be impacted by other factors including property type, loan to value, appraisal review, and other factors, and may be different than the rates posted.
3Point options available upon request. Payments do not include Real Estate Taxes & Insurance. The actual payment may be greater.
4Annual Percentage Rates (APR) are based on $250,000 loan amount for conventional mortgage loans with a 20% down payment. Any down payment less than 20% requires a monthly PMI (Private Mortgage Insurance) payment.
5Payment per $1,000 represents the monthly payment based on a $1,000 loan at the rate and term indicated.
6The fully indexed rate is based on the maximum interest rate based on the lifetime rate cap of the product.
8Rates and payments subject to increase after consummation. 3/6 ARM Caps: 2% initial adjustment; 1% subsequent adjustment; 5% lifetime cap. Repayment terms on the 3/6 ARM with 0 points are: 36 payments in the amount of $X.XX per $1,000 borrowed at an interest rate of X.XXX%. Followed by 324 payments in the amount of $X.XX per $1,000 borrowed at an interest rate of X.XXX% which represents the maximum interest rate at the time of the 1st bi-annual adjustment. The minimum interest rate at the time of first bi-annual adjustment is X.XXX% in the amount of $X.XX per $1000. The maximum interest rate over the life of the loan is XX.XXX% for this example. The life of loan interest rate floor is 3.00%.
9Rates and payments subject to increase after consummation. 5/6 ARM Caps: 2% initial adjustment; 1% subsequent adjustment; 5% lifetime cap. Repayment terms on the 5/6 ARM with 0 points are: 60 payments in the amount of $X.XX per $1,000 borrowed at an interest rate of X.XXX%. Followed by 300 payments in the amount of $X.XX per $1,000 borrowed at an interest rate of X.XXX% which represents the maximum interest rate at the time of the 1st bi-annual adjustment. The minimum interest rate at the time of first bi-annual adjustment is X.XXX% in the amount of $X.XX per $1000. The maximum interest rate over the life of the loan is XX.XXX % for this example. The life of loan interest rate floor is 3.00%.
10Rates and payments subject to increase after consummation. 7/6 ARM Caps: 5% initial adjustment; 1% subsequent adjustment; 5% lifetime cap. Repayment terms on the 7/6 ARM with zero points are: 84 payments in the amount of $X.XX per $1,000 borrowed at an interest rate of X.XXX%. Followed by 276 payments in the amount of $X.XX per $1,000 borrowed at an interest rate of XX.XXX% which represents the maximum interest rate at the time of the 1st bi-annual adjustment. The minimum interest rate at the time of first bi-annual adjustment is X.XXX% in the amount of $X.XX per $1000. The maximum interest rate over the life of the loan is XX.XXX % for this example. The life of loan interest rate floor is 3.00%.
11Rates and payments subject to increase after consummation. 10/6 ARM Caps: 5% initial adjustment; 1% subsequent adjustment; 5% lifetime cap. Repayment terms on the 10/6 ARM with zero points are: 120 payments in the amount of $X.XX per $1,000 borrowed at an interest rate of X.XXX%. Followed 240 payments in the amount of $X.XX per $1,000 borrowed at an interest rate of XX.XXX% which represents the maximum interest rate at the time of the 1st bi-annual adjustment. The minimum interest rate at the time of first bi-annual adjustment is X.XXX% in the amount of $X.XX per $1000. The maximum interest rate over the life of the loan is XX.XXX % for this example. The life of loan interest rate floor is 3.00%.
Rates are subject to change without notice and are not locked until Intent to Proceed is received.
Not a commitment to lend or extend credit. Subject to credit approval. Please call a mortgage professional at Windsor Federal Bank for more information.
Buy or build? Fixed mortgage rates or adjustable rates? Homeownership brings some of life’s hardest decisions. Here’s an easy one: Make an appointment at your local Windsor Federal Bank branch, and we’ll be with you every step of the way.
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