See the different rates and estimated payments by different loan types from FirstBank.
Payment amounts are principal and interest only. Taxes, insurance, and HOA payments are not included in the estimated amount.
Payment Example Details
Mortgage rates are based on the purchase of a single-family primary residence and are based on our par rate (0 point/fee option). The quoted rate assumes a credit score of 750+ and assumes the loan will have an escrow account. The payments are based on a loan amount of $500,000 for the conforming products and $1,500,000 for the jumbo products, both with at least a 20% down payment.
Adjustable Rate Loans
After the initial fixed rate period, the variable interest rate will be based on the weekly average yield on the United States Treasury securities adjusted to a constant maturity of one year (1 Year Treasury Index) plus our margin rounded to the nearest 0.125%. Your interest rate cannot increase or decrease more than 3.000% at the first adjustment, or by more than 2.000% at each adjustment thereafter. Your interest rate cannot adjust more than 5.000% above the initial interest rate over the term of the loan. These rate changes will cause the principal and interest payment to vary based on the margin added to the current index on scheduled adjustment dates. Therefore, the actual interest rate and monthly principal and interest payment may be higher or lower than shown here for the remaining 276 months for a 7-Year ARM or for the remaining 300 months for the 5-Year ARM.
Disclosures
- Jumbo: Loans that exceed the national conforming limit, currently $766,550. Conforming loan limits may vary in certain high-cost areas, please contact us for questions regarding jumbo limits.
Rates and terms are effective as of Mountain Standard Time and are subject to change without notice.
Rates and fees shown reflect specific loan assumptions, actual rates and fees may vary.
If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR.
Survey fees and flood insurance are required in some instances.
Adjustments to the loan interest rate or discount point/fee options may apply depending on several factors, including but not limited to, your credit score, the loan amount, the property location, the transaction type, the occupancy type, the loan-to-value, and the property type.
FirstBank determines actual loan qualification only after receipt of a completed loan application and analysis of pertinent information, such as (but not limited to) credit history, income documentation, and property valuation.
Annual Percentage Rate (APR) is a standardized method of calculating the cost of a mortgage, stated as a yearly rate, which includes such items as interest, mortgage insurance and certain points or credit costs. Because it includes these other items, it is generally higher than the quoted interest rate.
Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.