*Annual Percentage Rate (APR). APR calculation is based upon the following loan amounts:
Fixed Rate Conforming Mortgages $300,000
Fixed Rate Jumbo Mortgage Special $500,000
Fixed Rate Jumbo Mortgages $1,250,000
Adjustable Rate Mortgages $500,000
Rates quoted are for the purchase of an existing, single family home, primary residence located in New Jersey and assume a 75% loan-to-value and a credit score of 740. Your actual rate will depend upon several factors including, but not limited to, the loan type, loan size, property type, your credit score and property value. Private Mortgage Insurance (PMI) is required for down payments less than 20%. Escrow account is required. Principal and interest (P&I) payments do not include escrow for taxes or insurance. Your actual total payment will be greater. Rates are floating until locked and are subject to change at any time without notice. All loans are subject to credit approval.
For ARM loans, your rate will adjust annually after the introductory rate period of 5, 7 or 10 years. Adjustments will be based on an index plus margin. The index used is the weekly average of U.S. Treasury Securities adjusted to a constant maturity of one year, plus a margin of 2.75%. At each adjustment period, the rate cannot increase more than 2%. Over the life of the loan, the rate cannot increase more than 5% above the initial loan rate.