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Mortgage Loan Rates


Rates Effective as of 9/8/2008
 
Program Rate {1} Points Fees {2} APR {3} Principal &
Interest Pmt {3}
30 Year Fixed, Owner Occupied or Investment 6.500% 0 $500 6.562% $790.09
20 Year Fixed, Owner Occupied or Investment 6.375% 0 $500 6.456% $922.79
15 Year Fixed, Owner Occupied or Investment 6.000% 0 $500 6.101% $1,054.82
10 Year Balloon, Owner Occupied or Investment
(payments based on a 30 year amortization)
6.250% 0 $500 6.343% $769.65
5 Year Balloon, Owner Occupied or Investment
(payments based on a 30 year amortization)
6.000% 0 $500 6.154% $749.44
3 Year ARM, Owner Occupied or Investment
(payments based on a 30 year amortization)
5.625% 0 $500 5.579% $719.57
Fixed Equity Loan,Owner Occupied (15 Yr Term)
with auto pay from an EFSB deposit account
7.000% 0 $100 7.032% $449.41
Fixed Equity Loan, Owner Occupied (15 Yr Term) 7.250% 0 $100 7.282% $456.43
Vacant Land Loan, 10 Year Balloon
(payments based on a 30 year amortization)
7.500% 0 $300 7.681% $349.61
 
1} Based on the rates as of the above date which are subject to change without notice. Rates are subject to credit approval and a higher rate may be charged based on the applicant(s) credit scores.

{2} Normal fees charged by Eaton Federal in connection with a mortgage loan. Other costs, such as appraisal, survey, title insurance, credit report, recording fees, closing fee and flood zone determination are extra. Additional fees will be assessed for construction loans.

{3} Based on a loan amount of $125,000 except for Fixed Equity and Vacant Land loans which are based on $50,000. To get the quoted APR, a 20% downpayment is required on owner occupied homes and a 25% downpayment is required on non-owner occupied homes and vacant land. Loans with lesser downpayments are available with mortgage insurance which would increase the APR. Thirty year loans require 360 monthly payments of principal and interest (P&I). Twenty year loans require 240 monthly payments of P&I. Fifteen year loans require 180 monthly payments of P&I. Ten year balloon loans require 119 monthly payments of P&I plus a balloon payment at maturity. Five year balloon loans require 59 monthly payments of P&I plus a balloon payment at maturity. Monthly payments into escrow for taxes and insurance(s) may also be required. ARM's are variable rate loans whose rate and APR may increase.
 
Charlotte (517) 543-3880 Eaton Rapids (517) 663-1551
Nashville (517) 852-1830 Olivet (269) 749-2811
Grand Ledge (517) 627-6292

 
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