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Serving Indiana and Michigan
with over 100 years experience.
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346 North Ironwood Drive
South Bend, Indiana 46615
(574)287-3500 • Fax (574)235-6629
• Contact Us • Feedback • Location •
Mortgage Calculator
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Fixed Rates • 2
Step Loans • Payment
Factors
• ARMS • Typical
Closing Costs
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Conventional Mortgages
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| Fixed Rates:
100% Conventional - with $500 minimum investment
10
- 30 year terms - 5% Down Payment
5 year balloon - 10% Down Payment
7 year balloon - 10% Down Payment
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2 Step Loans: - automatically converted to fixed
rate after 5 or 7 year term 5/25
7/23
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Adjustable Rates Mortgages (ARMS) 5 -
10% Down-payment
| 1 year |
2%/6% CAPS - MARGINS
2.75%-3.00%, then adjustable annually
(with and without conversion options) |
| 2/1 |
fixed for 2 years,
then adjustable annually
2%/6% CAPS - MARGINS 2.75% - 3.00% |
| 3/1 |
fixed for 3 years, then adjustable annually
2%/6% CAPS - MARGINS 2.75% - 3.00% |
| 5/1 |
fixed for 5 years, then adjustable annually
6%/2%/6% CAPS - MARGINS 2.75% - 3.00% |
| 7/1 |
fixed for 7 years, then adjustable annually
6%/2%/6% CAPS - MARGINS 2.75% - 3.00% |
| 10/1 |
fixed for 10 years, then adjustable annually
5%/2%/5% CAPS - MARGINS 2.75% - 3.00% |
| JUMBOS |
over $417,000 |
SERVING INDIANA & MICHIGAN
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Closing
Costs: - Purchase Transactions
| Loan Origination Fee |
0 - 1% of Loan Amount |
| Loan Discount Points |
Market |
| Appraisal Fee |
$375-$425 (Single Family) |
| Credit Report |
$25-$55 |
| Closing Fee to Title Co. |
$225 |
| Flood Certification Fee |
$21 |
| Mortgagee Title Ins Policy |
$125 (Indiana) |
| Health Authority |
$300 (approx - based on county requirements) |
| Recording Fees |
$75-$125 |
| Underwriting Fee |
$275 - $375 |
| Doc Prep Fee |
$225 |
| Misc. Inspections |
Market |
| Tax Service Fee |
$75 (Some loan programs) |
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Prepaid Expenses: -
| First Year
Insurance |
See Chart |
| Insurance Escrow |
2 months |
| Property Tax Escrow |
1-6 months (IN)
1-12 months (MI) |
| Prepaid Interest |
1-30 days |
| PMI/MIP Escrow |
0 Months |
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Payment
Factors
The above fees may vary by county or
location, these are estimates of our standard charges.
The following factors can be used to
calculate the principal and interest mortgage payment.
The factors are shown per $1,000 borrowed. To calculate a
payment for a mortgage amount of 48,599 at 8.000%
interest for thirty years take 48.599 (loan amount) x
7.34 (factor for 8.000% for 30 years) = $356.72/month
P&I payment.
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| Interest Rate |
15 yrs. |
20 yrs. |
25 yrs. |
30 yrs. |
| 4.750% |
7.78 |
6.46 |
5.70 |
5.22 |
| 5.000% |
7.91 |
6.60 |
5.85 |
5.37 |
| 5.250% |
8.04 |
6.74 |
5.99 |
5.52 |
| 5.500% |
8.17 |
6.88 |
6.14 |
5.68 |
| 5.750% |
8.30 |
7.02 |
6.29 |
5.84 |
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| 6.000% |
8.44 |
7.16 |
6.44 |
6.00 |
| 6.250% |
8.57 |
7.37 |
6.60 |
6.16 |
| 6.500% |
8.71 |
7.46 |
6.75 |
6.32 |
| 6.750% |
8.85 |
7.60 |
6.91 |
6.49 |
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| 7.000% |
8.99 |
7.75 |
7.07 |
6.65 |
| 7.250% |
9.13 |
7.90 |
7.23 |
6.82 |
| 7.500% |
9.27 |
8.06 |
7.39 |
6.99 |
| 7.750% |
9.41 |
8.21 |
7.55 |
7.16 |
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| 8.000% |
9.56 |
8.36 |
7.72 |
7.34 |
| 8.250% |
9.70 |
8.52 |
7.88 |
7.51 |
| 8.500% |
9.85 |
8.68 |
8.05 |
7.69 |
| 8.750% |
9.99 |
8.84 |
8.22 |
7.87 |
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| 9.000% |
10.14 |
9.00 |
8.39 |
8.05 |
| 9.250% |
10.29 |
9.16 |
8.56 |
8.23 |
| 9.500% |
10.44 |
9.32 |
8.74 |
8.41 |
| 9.750% |
10.59 |
9.49 |
8.91 |
8.59 |
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| 10.000% |
10.75 |
9.65 |
9.09 |
8.87 |
| 10.250% |
10.90 |
9.82 |
9.26 |
8.96 |
| 10.500% |
11.05 |
9.98 |
9.44 |
9.15 |
| 10.750% |
11.21 |
10.15 |
9.62 |
9.34 |
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| 11.000% |
11.37 |
10.32 |
9.80 |
9.52 |
| 11.250% |
11.52 |
10.49 |
9.98 |
9.71 |
| 11.500% |
11.68 |
10.66 |
10.17 |
9.90 |
| 11.750% |
11.84 |
10.84 |
10.35 |
10.09 |
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| 12.000% |
12.00 |
11.01 |
10.53 |
10.29 |
| 12.250% |
12.16 |
11.19 |
10.72 |
10.48 |
| 12.500% |
12.33 |
11.36 |
10.90 |
10.67 |
| 12.750% |
12.49 |
11.54 |
11.09 |
10.87 |
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