*Based upon 1% origination fee RFCU® members saved in 2015.
**Offer valid March 1 to April 30, 2016. $1.00 origination fee applies to first mortgages and mortgage refinances only; the loan application must be received by April 30, 2016.
A typical purchase transaction example for 30 Year/20 Year/15 Year/10 Year mortgages: The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). The property is located in AL and is within Madison County. The property is an existing single family home and will be used as a primary residence. The rate lock period is 45 days and the assumed credit score is 750. For a 30-Year Fixed Rate Mortgage at 3.625% interest rate with zero discount points, the APR is 3.733%. The monthly payment schedule would be 359 payments at $410.45 and 1 final payment of $407.87. For a 20-Year Fixed Rate Mortgage at 3.375% with zero discount points, the APR is 3.524%. The monthly payment schedule would be 239 payments at $516.20 and 1 final payment of $516.60. For a 15-Year Fixed Rate Mortgage at 2.75% with zero discount points the APR is 2.94%. The monthly payment schedule would be 179 payments at $610.76 and 1 final payment of $610.68. For a 10-Year Fixed Rate Mortgage at 2.625% with zero discount points, the APR is 2.9%. The monthly payment schedule would be 119 payments at $853.56 and 1 final payment of $852.81. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
Must be an RFCU member to obtain a loan. Must be eligible for membership and open a share savings account. A minimum balance of $5.00 is required to open and be maintained in share savings account at all times. Fees and other restrictions may apply. All loans subject to credit approval. Rates, terms, and conditions are subject to change without notice. Other restrictions may apply. RFCU is an Equal Credit Opportunity Lender. Rates are determined by an evaluation of applicant credit at account opening. Your rate may be different. Fixed rates remain fixed for the life of the loan and adjustable rates are subject to change after consummation. Various Mortgage programs and terms are available. Must create separate user name and password to gain access to mortgage application process.