Adjustable Rate Mortgage Loans
Private Mortgage Insurance (PMI) insured loans are available up to
97% financing.* -- Please contact us for rates.
Rates are subject to change without notice.
Available only to local residents.
Rates are effective as of June 18, 2008.
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One Year Adjustable Rate Mortgage
All Annual Percentage Rate calculations are based on a loan of $50,000.00 with a 30 year repayment schedule.
Loans and approvals are subject to underwriting guidelines established by Peoples Savings and Loan.
These rates are not to be used to extend credit without proper disclosures as defined in Reg. Z. -- Please contact one of our loan officers for more information.
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Rate
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Annual Percentage Rate
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80% or less
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5.25% (Single Family)
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5.34%
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Income Properties and Farms
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6.50%
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6.59%
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Maximum rate change per adjustment
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1.00%
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Maximum rate change for life of loan
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5.00%
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Second Mortgage (20 year maximum)
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7.00%
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7.13%
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Two Year Adjustable Rate Mortgage
All Annual Percentage Rate calculations are based on a loan of $50,000.00 with a 30 year repayment schedule.
Loans and approvals are subject to underwriting guidelines established by Peoples Savings and Loan.
These rates are not to be used to extend credit without proper disclosures as defined in Reg. Z. -- Please contact one of our loan officers for more information.
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Rate
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Annual Percentage Rate
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80% or less
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5.50% (Single Family)
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5.59%
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Income Properties and Farms
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6.75%
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6.84%
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Maximum rate change per adjustment
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1.00%
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Maximum rate change for life of loan
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5.00%
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Second Mortgage (20 year maximum)
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7.25%
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7.38%
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* Certain qualifying conditions apply.
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Closing cost for first mortgage loans:
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(Approximately)
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80% or less -- 1.0 point plus
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$434.00
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Over 80% through 90% -- 1.0 point plus
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$434.00 plus Private Mortgage Insurance.
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Over 90% through 97% -- 1.0 point plus
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$434.00 plus Private Mortgage Insurance.
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Closing cost for first mortgage rewrite will be approximately:
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$279.00 plus 1 point on any new money or rate reduction.
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Closing cost for second mortgage will be approximately:
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$279.00
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