|Product||Interest Rate||Points||Annual Percentage Rate (APR)||Monthly Principal & Interest Payment Amount1|
|30 Year Fixed Monthly||3.625%||0||3.689%||360 equal and consecutive monthly payments of $1,368.15||Contact a Mortgage|
|15 Year Fixed Monthly||3.000%||0||3.114%||180 equal and consecutive monthly payments of $2,071.74||Contact a Mortgage|
|7/1 ARM* Advantage||3.625%||0||3.555%||84 monthly payments of $1,368.15, then 276 monthly payments of $1,334.42 at a rate of 3.375% based on the current rate and margin||Contact a Mortgage|
|10/1 ARM* Advantage||3.875%||0||3.748%||120 monthly payments of $1,410.71, then 240 monthly payments of $1,349.86 at a rate of 3.375% based on the current rate and margin||Contact a Mortgage|
|15/1 ARM* Advantage||4.000%||0||3.941%||180 monthly payments of $1,432.25 then 180 monthly payments of $1,372.35 at a rate of 3.375% based on current rate and margin||Contact a Mortgage|
Effective Date: February 3, 2016 – 10:00 AM
1Payment Schedules are based on a loan amount of $300,000. Principal and interest payments do not include taxes and insurance. Actual payment obligation may be greater.
Assumptions and disclaimers for above rates and points examples are based on: $300,000 loan amount, a minimum credit score of 740, 75% LTV, primary residence, single family detached in New Jersey, first lien mortgage without subordinate financing, and with escrows for taxes. Rates may be higher for refinancing of subordinate liens and/or cash-out transactions. Loans over 80% LTV require PMI Insurance. Rate Lock periods are 55 days for purchases and 50 days for refinances.
*Adjustable Rate Mortgages are variable rates and the annual percentage rate may increase or decrease after the initial fixed period. The APR shown for the 7/1, 10/1 and 15/1 ARM Advantage products includes a .25% discount when loan payments are automatically deducted from a Lakeland Bank checking or statement savings account. The APR will increase if, at any time during the term of the loan, the automatic payment deduction is discontinued.
All loans are subject to full underwriting review. Not all applicants will qualify. This is not a commitment to lend or a guarantee of an approval. Rates stated are subject to change at any time without notice. Please contact one of our Mortgage Loan Originators to obtain the most current rate quote that is customized to fit your unique loan level features. The actual interest rate and fees applicable to you will include, but are not limited to, your credit history, product type, and loan to value, and may be different than the rates displayed here. Other rates and product options are available.
Interest Rates vary daily and are accurate as of the date above and subject to change without notice.
Lakeland Mortgage is a Division of Lakeland Bank.
Lender NMLS#: 530634