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Mortgage Loan Rates & Terms
Applicable to Purchase Transactions Only (Refer to Refinance Rate Sheet for refinance rates)
Rates quoted are effective as of date and are subject to change without notice.
PLEASE BE ADVISED: Today’s rates assume the following:
- The purchase of a single-family, primary residence
- A minimum credit score of 740
- The loan rates assume a 95.01% loan-to-value for the First-Time Home Buyer program, 80.01% for the NO PMI programs, and 60% for all others.
The rate you may qualify for is based on a variety of factors. In addition to property type, credit history, and loan-to-value, other factors may include loan purpose, loan amount, occupancy, lien(s), income and other financial obligations. Please see “Mortgage Loan Pricing Information" on the last page for details.
Payment examples do not include the cost of property taxes or insurance, so the actual payment obligation will be greater. The APR shown includes an estimate of 30 days of prepaid interest. All programs, loan rates, APR, points, and terms listed are subject to change without notice. All loans are subject to approval. APR = Annual Percentage Rate.
To apply, visit our website at www.schoolsfirstfcu.org, call 800.462.8328, ext. 8288, or email the Real Estate Lending department at realestateinfo@schoolsfirstfcu.org. Other interest rate and point options are available. Please call for details.
Home Advantage Program
Ask your real estate loan representative about the benefits of Home Advantage:
• Members buying and/or selling a property with a purchase price of at least $150,000 can receive a 20% rebate from the commission of a participating real estate agent — 25% of each transaction when they complete both a home sale and purchase†
• Our insurance specialists at SchoolsFirst Insurance Services will search insurance providers to help you find the right coverage to fit your unique needs, at the best possible price with all available discounts.††
• A 20% discount on escrow services with Hallmark Escrow Co., Inc., Coast Cities Escrow, or Escrow Options Group, Inc. at the close of transaction
• Hallmark Escrow Co. Inc, Coast Cities Escrow, or Escrow Options Group Inc. not affiliated with SchoolsFirst FCU
• My Home Savings: Allows home buyers to earn a competitive dividend rate on money you save for a down payment. See below for current rates and terms.
†Rebate payment is made by First Team Real Estate or HomeSmart Evergreen Realty and is credited to your benefit at the close of transaction. In order to receive the 25% rebate, the home sale and purchase transactions must take place within six months of each other. First Team Real Estate and HomeSmart Evergreen Realty are not affiliated with SchoolsFirst FCU. Ask for details. All rebates are subject to limitations, lender guidelines and other requirements.
††CA Insurance License 0I19344.
School Employee Special No PMI Fixed-Rate Mortgage: Conforming
Loan amounts from $50,000 - $484,350
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater. |
| Program |
Interest Rate |
APR1 |
Points |
Estimated Payment Per $1,000 Borrowed1 |
| 30 Year |
3.625%
3.875%
4.125%
|
3.77%
3.94%
4.11%
|
1.000
0.000
-1.000
|
$4.56
$4.70
$4.85
|
Eligible properties are primary residence single-family homes and condominiums (cannot exceed four stories); manufactured homes do not qualify. Minimum down payment 5%. Condominium subject to additional rate adjustment. Must be an eligible school employee to qualify.
1. APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details. |
School Employee Special No PMI Fixed-Rate Mortgage: Conforming, High-Cost Area
Loan amounts from $484,351 - $1,000,000
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater. |
| Program |
Interest Rate |
APR1 |
Points |
Estimated Payment Per $1,000 Borrowed1 |
| 30 Year |
3.500%
3.750%
4.000%
|
3.64%
3.81%
3.98%
|
1.000
0.000
-1.000
|
$4.49
$4.63
$4.77
|
Eligible properties are primary residence single-family homes and condominiums (cannot exceed four stories); manufactured homes do not qualify. Minimum down payment 5%. Condominium subject to additional rate adjustment. Must be an eligible school employee to qualify.
1. APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term. |
First-Time Home Buyer: Conforming
Loan amounts from $50,000 - $484,350
APR includes PMI. Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater. |
| Program |
Interest Rate |
APR1 |
Points |
Estimated Payment Per $1,000 Borrowed1 |
| 30 Year |
3.500%
3.750%
4.000%
|
3.64%
3.81%
3.98%
|
1.000
0.000
-1.000
|
$4.49
$4.63
$4.77
|
Eligible properties are primary residence single-family homes and condominiums (cannot exceed four stories); manufactured homes do not qualify. Minimum down payment 3%. PMI required for down payment less than 20%. See School Employee Special No PMI Fixed-Rate Mortgage and No PMI Adjustable-Rate Mortgage for No PMI programs.
1. APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details. |
First-Time Home Buyer: Conforming, High-Cost Area
Maximum Loan Amount: Based on county where property is located.1
Minimum Loan Amount: $484,351
APR includes PMI. Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater. |
| Program |
Interest Rate |
APR2 |
Points |
Estimated Payment Per $1,000 Borrowed2 |
| 30 Year |
3.500%
3.750%
4.000%
|
3.64%
3.81%
3.98%
|
1.000
0.000
-1.000
|
$4.49
$4.63
$4.77
|
|
Eligible properties are primary residence single-family homes and condominiums (cannot exceed four stories); manufactured homes do not qualify. Minimum down payment 3%. PMI required for down payment less than 20%. See School Employee Special No PMI Fixed-Rate Mortgage and No PMI Adjustable-Rate Mortgage for No PMI programs.
1. Orange and Los Angeles Counties = $726,525; San Diego County = $690,000; Ventura County = $713,000. Please contact a real estate loan representative for other county loan limits.
2. APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.
|
Fixed-Rate Mortgages: Conforming
Loan amounts from $50,000 - $484,350
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater. |
| Program |
Interest Rate |
APR1 |
Points |
Estimated Payment Per $1,000 Borrowed1 |
| 15 Year |
2.875%
3.125%
3.375%
|
3.12%
3.22%
3.33%
|
1.000
0.000
-1.000
|
$6.85
$6.97
$7.09
|
| 30 Year |
3.500%
3.750%
4.000%
|
3.64%
3.81%
3.98%
|
1.000
0.000
-1.000
|
$4.49
$4.63
$4.77
|
Eligible properties are primary residence single-family homes, condominiums (cannot exceed four stories) and manufactured homes. Minimum down payment 3%. PMI required for down payment less than 20%. See School Employee Special No PMI Fixed-Rate Mortgage and No PMI Adjustable-Rate Mortgage for No PMI programs. Second home programs also available.
1. APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details. |
Fixed-Rate Mortgages: Conforming, High-Cost Area
Maximum Loan Amount: Based on county where property is located.1
Minimum Loan Amount: $484,351
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater.
|
| Program |
Interest Rate |
APR2 |
Points |
Estimated Payment Per $1,000 Borrowed2 |
| 15 Year |
2.875%
3.125%
3.375%
|
3.12%
3.22%
3.33%
|
1.000
0.000
-1.000
|
$6.85
$6.97
$7.09
|
| 30 Year |
3.500%
3.750%
4.000%
|
3.64%
3.81%
3.98%
|
1.000
0.000
-1.000
|
$4.49
$4.63
$4.77
|
Eligible properties are primary residence single-family homes and condominiums (cannot exceed four stories); manufactured homes do not qualify. Minimum down payment of 10%. Private Mortgage Insurance (PMI) is required for down payments less than 20%. See School Employee Special No PMI Fixed-Rate Mortgage and No PMI Adjustable-Rate Mortgage for No PMI programs.
1. Orange and Los Angeles Counties = $726,525; San Diego County = $690,000; Ventura County = $713,000. Please contact a real estate loan representative for other county loan limits.
2. APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details. |
|
Fixed-Rate Mortgages: Jumbo
Loan amounts from $484,351 - $2,000,000
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater.
|
| Program |
Interest Rate |
APR1 |
Points |
Estimated Payment Per $1,000 Borrowed1 |
| 15 Year (Loan Amounts: See Below2) |
2.875%
3.125%
3.375%
|
3.12%
3.22%
3.33%
|
1.000
0.000
-1.000
|
$6.85
$6.97
$7.09
|
| 30 Year (Loan Amounts: See Below2) |
3.375%
3.625%
3.875%
|
3.51%
3.68%
3.85%
|
1.000
0.000
-1.000
|
$4.42
$4.56
$4.70
|
Eligible properties are single-family homes and condominiums (cannot exceed four stories); manufactured homes do not qualify.
1. APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
2. Loans above the conforming loan limit are known as "jumbo" loans. Loan Amounts up to $850,000 available at down payments as low as 5%; Loan Amounts up to $2 million require larger down payments. Private Mortgage Insurance (PMI) is required for down payments less than 20%. Condominium subject to additional rate adjustment.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details. |
Investment Properties
Loan amounts from $50,000 - $484,350
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater. |
| Program |
Interest Rate |
APR1 |
Points |
Estimated Payment Per $1,000 Borrowed1 |
| 15 Year |
3.625%
3.750%
3.875%
|
3.81%
3.86%
3.91%
|
0.500
0.000
-0.500
|
$7.21
$7.27
$7.33
|
|
30/15-Year Balloon
Based on a loan size of $1,000, with an interest rate of 4.500%, the estimated payoff after 15 years is $667.41
|
4.375%
4.500%
4.625%
|
4.48%
4.57%
4.65%
|
0.500
0.000
-0.500
|
$4.99
$5.07
$5.14
|
Eligible properties are single-family homes and condominiums (cannot exceed four stories); manufactured homes do not qualify. Investment properties require a minimum 20% down payment.
1. APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term. |
Adjustable-Rate Mortgages
Rates below are applicable with loan amounts of $50,000 - $484,350. Loan amounts of $484,351 - $2,000,000 are available, please contact a real estate loan representative for details. Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater. |
Program
|
Interest Rate |
APR2 |
Points |
Margin |
Caps |
CMT Index |
Estimated Payment Per $1,000 Borrowed2 |
| 5/5 ARM with Lender-Paid Closing Costs1 (Rate adjusts every 5 years) |
3.375% |
3.40% |
0.000 |
2.375% |
2% initial, 2% periodic, 6% lifetime |
1.610% |
1st 60 payments
|
$4.42 |
| 61 - 120 payments |
$5.43 |
| 121 - 180 payments |
$6.36 |
| 181 - 240 payments |
$7.17 |
| 5/5 ARM (Rate adjusts every 5 years) |
3.125% |
3.81% |
0.000 |
2.375% |
2% initial, 2% periodic, 6% lifetime |
1.610% |
1st 60 payments
|
$4.28 |
| 61 - 120 payments |
$5.27 |
| 121 - 180 payments |
$6.19 |
| 181 - 240 payments |
$6.98 |
| 5/1 ARM |
3.000% |
4.18% |
0.000 |
2.750% |
2% initial, 2% periodic, 5% lifetime |
1.810% |
1st 60 payments |
$4.22 |
| 61 - 72 payments |
$5.13 |
| 73 - 84 payments |
$6.09 |
| 85 - 96 payments |
$6.59 |
| 7/1 ARM |
3.125% |
4.21% |
0.000 |
2.750% |
2% initial, 2% periodic, 5% lifetime |
1.810% |
1st 84 payments |
$4.28 |
| 85 - 96 payments |
$5.20 |
| 97 - 108 payments |
$6.18 |
| 109 - 120 payments |
$6.68 |
|
Eligible properties include primary residence single-family homes and condominiums (cannot exceed four stories); manufactered homes do not qualify except for 7/1 ARM. Minimum down payment 5%. PMI required for down payment less than 20%. Condominium subject to additional rate adjustment. See School Employee Special No PMI Fixed-Rate Mortgage and No PMI Adjustable-Rate Mortgage for No PMI programs.
Variable rate. APR and payment subject to increase after loan consummation. Rate is fixed for first five or seven years, depending on program, and adjusts periodically thereafter based on a fully indexed rate.
1. Closing costs paid up to $5,500 depending on the loan amount.
2. APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.
|
No PMI Adjustable-Rate Mortgage (ARM)
Loan amounts from $50,000 - $1,000,000
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater. |
|
Program
|
Interest Rate |
APR2 |
Points |
Margin |
Caps |
CMT Index |
Estimated Payment Per $1,000 Borrowed2 |
| 5/5 ARM with Lender-Paid Closing Costs1 (Rate adjusts every 5 years) |
3.500% |
3.52% |
0.000 |
2.500% |
2% initial, 2% periodic, 6% lifetime |
1.610% |
1st 60 payments |
$4.49 |
| 61 - 120 payments |
$5.51 |
| 121 - 180 payments |
$6.45 |
| 181 - 240 payments |
$7.27 |
| 5/5 ARM (Rate adjusts every 5 years) |
3.250% |
3.93% |
0.000 |
2.500% |
2% initial, 2% periodic, 6% lifetime |
1.610% |
1st 60 payments |
$4.35 |
| 61 - 120 payments |
$5.35 |
| 121 - 180 payments |
$6.28 |
| 181 - 240 payments |
$7.08 |
| 5/1 ARM |
3.125% |
4.30% |
0.000 |
2.875% |
2% initial, 2% periodic, 5% lifetime |
1.810% |
1st 60 payments |
$4.28 |
| 61 - 72 payments |
$5.27 |
| 73 - 84 payments |
$6.34 |
| 85 - 96 payments |
$6.88 |
| 7/1 ARM |
3.250% |
4.33% |
0.000 |
2.875%
|
2% initial, 2% periodic, 5% lifetime |
1.810% |
1st 84 payments |
$4.35 |
| 85 - 96 payments |
$5.28 |
| 97 - 108 payments |
$6.27 |
| 109 - 120 payments |
$6.77 |
Eligible properties include primary residence single-family homes and condominiums (cannot exceed four stories); manufactured homes do not qualify. Minimum down payment 5%. Variable rate. APR and payment subject to increase after loan consummation. Rate is fixed for first five or seven years, depending on program, and adjusts periodically thereafter based on a fully indexed rate.
1. Closing costs paid up to $5,500 depending on the loan amount.
2. APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.
Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details. |
| Term |
Minimum Balance to Earn APY |
Dividend Rate |
APY |
| 6 months |
$250 |
2.18% |
2.20% |
| 12 months |
| 24 months |
APY = Annual Percentage Yield. Variable rate, subject to change daily at our discretion. Limited to existing Members who are buying a home and participating in the Home Advantage Program; limit one per Membership. A withdrawal within the first six calendar days after opening incurs an early withdrawal penalty of seven days’ dividends. Thereafter, early withdrawals are subject to an early withdrawal fee of $10 and closure of the share; the $10 fee will be waived if the full balance is used for a home purchase. Fees could reduce the earnings on the account. Additional deposits allowed to the maximum balance of $50,000. See SchoolsFirst FCU’s Disclosure & Agreement of Terms and Conditions brochure for additional details about Share Savings Accounts. Rates and program valid as of date and subject to change.
Federally insured by NCUA |
Mortgage Loan Pricing Information
The credit union uses pricing evaluation to determine your mortgage loan interest rate and point combination. This evaluation assesses a group of pricing factors (listed below) specifically related to your mortgage loan. Following the initial evaluation of these pricing factors, you will be given an estimate of what your price will be.
Main Factors That Impact Your Mortgage Loan Price
Credit Score: Your credit score is a number based on information from your credit report including payment history, length of credit history, outstanding balances, and types of credit. Higher scores indicate a more sound credit profile based on maintaining timely payments, low balances, and only opening new credit accounts as needed. FICO is the most commonly used scoring system with a range from 300-850.
Property: The value of the property, determined by an appraisal, compared to the amount you wish to borrow represents your loan-to-value or "LTV." Typically, you will improve your loan pricing by making a larger down payment which lowers your LTV. The type of property you are considering is also important. For example, a multiple-unit property or condominium will have a different price point compared to a single family detached property.
Loan Type/Term: This refers to the type of loan product you select and its corresponding term. For example, a conforming fixed-rate purchase product will have different pricing than a cash-out refinance product based on the credit and property considerations described above.
Rate Lock/Price Confirmation
While you have the option to lock-in your loan interest rate before final approval, doing so does not guarantee your loan price. Any changes specific to your loan, based on the above pricing factors, will be evaluated and may affect your loan price. Your actual loan price will be redetermined at final loan document approval.
Important Mortgage Loan Information
• Real Estate Lending department: 800.462.8328, ext. 8288.
• Lending area: State of California.
• A Loan Estimate summarizing loan settlement costs will be sent within 72 hours after the loan application is received.
• Loan settlement costs include (but may not be limited to): Origination charge, title insurance, and recording fees.
• Annual Percentage Rate (APR): Represents a loan's interest rate combined with associated fees charged by the lender, and may be variable.
• Adjustable-Rate Mortgage (ARM): Loan begins with a fixed rate for a set number of years; the interest rate and monthly payment adjust periodically during the remaining term. (Example: 5/1 ARM has a five-year fixed rate followed by one-year adjustments for the balance of the loan term.)
• CMT Index: Weekly average of the one-year or five-year Constant Maturity Treasury that determines ARM rate adjustments.
• Private Mortgage Insurance (PMI): A policy that protects the lender against losses that can occur due to nonpayment
by the borrower. Insurance is required if the loan amount is greater than 80% of a property's purchase price or value.
• Rate Lock Policy: Limits apply to the rate lock period and rate locks may not cover the entire period between credit approval and closing in all cases. The standard lock-in period is 60 days on purchase transactions. See "Rate Lock Information" page for more details.
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