Loan Rates
Loan Rates
| Rates are effective as of 07/02/09 and are subject to change without prior notice. |
| Rates and/or fees may vary depending upon
borrower's credit score, loan-to-value
and other factors. Mortgage Insurance may be required on loans with a down
payment of less than 20%. This may affect your monthly payment and the
loan's Annual Percentage Rate. *Service Retained: 1-4 Unit Owner Occupied. The above payment terms and Annual Percentage Rate (APR) are based on a $200,000 loan, with a 20% down payment, $12.50 Flood Certification Fee, a $95.00 Underwriting Fee, a $150.00 Administration Fee and a $285.00 Closing Fee to the title company. |
| Oak Bank Balloon Mortgage Rate | |||
| Years | Interest Rate | Points | APR* |
| Balloon - 3 year | 5.450% 35 payments of $1,129.31** |
0 | 5.566% |
| Balloon - 7 year |
5.250% 83 payments of $1,104.41** |
0 | 5.302% |
| Rates and/or fees may vary depending upon
borrower's credit score, loan-to-value, loan purpose and other factors. Mortgage Insurance
may be required on loans with a down payment of less than 20%. This may
affect your monthly payment and the loan's Annual Percentage Rate. *1-4 Unit Owner Occupied. The above payment terms and Annual Percentage Rate (APR) is based on $200,000 loan, a 30 year amortization, a 20% down payment, $12.50 Flood Certification Fee, a $95.00 Underwriting Fee, a $150.00 Administration Fee, a $75.00 Balloon Endorsement Fee, and a $285.00 Closing Fee to the title company. ** One Final Payment of $192,508.08. ***One Final Payment of $177,876.99. |
| Oak Bank Lot Loan Rate | |||
| Years | Interest Rate | Points | APR* |
| Balloon - 1 year | 8.10% 11 payments of $673.00** |
0 | 8.560% |
| *The above payment terms and Annual Percentage Rate (APR) is based on $70,000 loan amount, a 15 year amortization, a 10% down payment, $12.50 Flood Certification Fee, a $150.00 Administration Fee and a $285.00 Closing Fee to the title company. **One Final Payment $68,099.83. |
| Oak Bank Construction Mortgage Rates | |||
| Years | Interest Rate | Points | APR* |
| 6 Month Construction | 5.625% | 0 | 7.427% |
|
*1-4 Unit Owner Occupied. Payments and Annual Percentage Rate (APR) are calculated using a loan amount of $300,000 for 180 days with 0 points, $12.50 Flood Certification Fee, $155.00 Appraisal Re-certification, a $150.00 Administration Fee, a $600.00 Draws/Inspections fee, $140 Survey fee, and a $285.00 closing fee to the title company. There would be 5 payments of interest plus one final payment of $300,000 plus interest at maturity. |
| Oak Bank Jumbo Mortgage Rates (Loans greater than $417,000) | |||
| Years | Interest Rate | Points | APR* |
|
Balloon 7 Year |
5.99% 83 payments of $2994.54* |
0 | 6.013% |
| Rates and/or fees may vary depending upon
borrower's credit score, loan-to-value, loan purpose and other factors. Mortgage Insurance
may be required on loans with a down payment of less than 20%. This may
affect your monthly payment and the loan's Annual Percentage Rate. *1-4 Unit Owner Occupied. The above payment terms and Annual Percentage Rate (APR) are based on $500,000 loan, a 20% down payment, $12.50 Flood Certification Fee, a $95.00 Underwriting Fee, a $150.00 Administration Fee, a $75.00 Balloon Endorsement Fee and a $285.00 Closing Fee to the title company. * One Final Payment of $451,111.25. |
| Oak Bank Home Equity Line of Credit - Variable Rate |
| Interest Rate/APR* | Terms |
| Please call for updated rates. | Please call for updated terms. |
| *Minimum Payment Example: If you took a single $10,000 advance
and the ANNUAL PERCENTAGE RATE was 6.00% , it would take one year to pay off
the balance if you made only the minimum payments and the single final payment.
During that period, you would make 11 payments varying between $47.54 and $50.82
and one final payment of $10,050.82 (includes interest). Assumes 80%
LTV. Closing costs of approximately $75.50 will be charged.
Homeowners insurance is required. Subject to credit approval. **This is a variable rate loan and your rate could change monthly. The APR on variable rate lines is determined by adding a margin to an index. Your rate and the corresponding ANNUAL PERCENTAGE RATE (APR) may be higher than the rate stated above and depends on the actual line amount, loan-to-value ratio of your home, your credit history and Oak Bank's credit policies. As of 12/17/2008 the Prime Rate is 3.25% as published in the Wall Street Journal . The margins range from plus 0.00% to plus 1.75%, resulting in APR's ranging from 3.25% to 5.00%. The APR will never be greater than 18%. |
| *Minimum Payment Example: If you took a single $10,000 advance and the ANNUAL PERCENTAGE RATE was 6.75% , it would take one year to pay off the balance if you made only the minimum payments and the single final payment. During that period, you would make 11 payments varying between $53.48 and $57.17 and one final payment of $10,057.17 (includes interest). Assumes 80% LTV. Closing costs of approximately $75.50 will be charged. Homeowners insurance is required. Subject to credit approval. |
| *1-4 Unit Owner Occupied. Payments and annual percentage rate (APR) are based on fully amortized loan of $10,000 with an $12.50 Flood Certification fee. |
| *Annual percentage rate (APR) based on fully
amortized loan of $10,000 with a $4.00 lien filing fee. **Monthly Payment is based on payment per $1000 for term and rate shown above. |
*Annual Percentage Rate
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