Conventional 10 Year Fixed Rate Home Loan
This type of mortgage is a commonly used term for borrowers that wish to pay off their homes more quickly than 15-, 20- or traditional 30 year fixed rate loans. Your interest rate is fixed so your principal and interest payments will not change over the life of your loan. A benefit of a 10 year fixed rate loans is that you save a tremendous amount of interest over the life of the loan due to the shortened length of the mortgage and the rapid pay down of principal. If you can afford the payments, then this might be the perfect option for you. You can use this loan to purchase a home or refinance an existing loan.
If you are in the market to purchase a new home and would like to work with a Highmark "Preferred Realtor", contact us today for a referral.
These rates are effective as of April 15, 2013.
| Term | Maximum Amount | Rate | Points | APR |
|---|---|---|---|---|
| 10 years | $417,000 | 2.875% | 0.0% Discount Fee | 3.180% |
To expedite the processing of your mortgage loan request, please provide us with the following information:
- Completed Loan Application - online/paper
- W2's for the last 2 years
- Most recent paystub(s)
- If self-employed or if you have rental property, include last 2 years of completed tax returns with all schedules
- Most recent 2 months bank statements for all listed in the assets section of your application
If you are refinancing an existing loan, please include the following documentation:
- Mortgage statement reflecting current principal, interest, and escrow payment
- Verification of Homeowner's Insurance
If you are purchasing a home, please include the following documentation:
- Signed purchase agreement with all pages including Realtor's name and phone number, if you have already made an offer on a property.
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $150,000 with closing costs of $3,000. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $500,000 with closing costs of $10,000. Your actual APR may be different depending upon these factors.
