| Adjustable Rate Mortgage Disclosures |
| Adjustable Rate Mortgage Disclosure Fully Amortized/Change Periodic Payment 1/1 ARM | |||
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This disclosure describes the features of the Adjustable Rate Mortgage (ARM) program you are considering. Information on other ARM programs is available upon request.
INTEREST RATE. The interest rate for the type of loan you are considering will be based on the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year plus our margin. Ask for our current interest rate and margin. Information about the index or formula for rate adjustments can be found in the web site, www.federalreserve.gov. The initial interest rate is not based on the index or formula used to make later adjustments. Ask us for the amount of current interest rate discounts or premiums. PAYMENTS. The payment for this loan will be based on the interest rate, loan balance and loan terms. CHANGES IN THE INTEREST RATE.
INTEREST RATE AND PAYMENT ADJUSTMENT NOTICE. You will be notified in writing at least 25 but no more than 120 days before the due date of a payment at a new level. This notice will contain information about your interest rates, payment amount and loan balance. INTEREST RATE AND PAYMENT ROUNDING. The interest rates listed on this disclosure have been rounded to the nearest 0.125%. The payments listed on this disclosure have been rounded to the nearest cent. INTEREST RATE CARRYOVER. This loan product does not have an interest rate carryover feature. Interest rate carryover means that changes in the index not passed on as changes in the interest rate will be carried over and applied to subsequent interest rate adjustments. DEMAND FEATURE. This loan product does not have a demand feature. A demand feature means that the loan is due and payable upon our request. EXAMPLE OF THE EFFECT OF AN INTEREST RATE CHANGE. Your payment can increase or decrease substantially based on periodic changes in the interest rate. For example, on a $10,000 30-year loan with an initial interest rate of 5.000% (in effect July, 2004) the maximum amount that the interest rate can rise under this program is 6.000 percentage points, to 11.000%, and the monthly payment can rise from a first year payment of $53.68 to a maximum of $93.44 in the fourth year. To see what your payments would be, divide your mortgage amount of $10,000; then multiply the periodic payment by that amount. (For example, the periodic payment for a mortgage amount of $60,000 would be: $60,000 divided by $10,000 = 6; 6 x 53.68 = $322.08 per period.) |
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| Read or Print Disclosure | Proceed (Accept Disclosure) | ||
| Adjustable Rate Mortgage Disclosure Fully Amortized/Change Periodic Payment 3/1 ARM | |||
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This disclosure describes the features of the Adjustable Rate Mortgage (ARM) program you are considering. Information on other ARM programs is available upon request.
INTEREST RATE. The interest rate for the type of loan you are considering will be based on the weekly average yield on United States Treasury securities adjusted to a constant maturity of one year plus our margin. Ask for our current interest rate and margin. Information about the index or formula for rate adjustments can be found in the web site, www.federalreserve.gov. The initial interest rate is not based on the index or formula used to make later adjustments. Ask us for the amount of current interest rate discounts or premiums. PAYMENTS. The payment for this loan will be based on the interest rate, loan balance and loan terms. CHANGES IN THE INTEREST RATE.
INTEREST RATE AND PAYMENT ADJUSTMENT NOTICE. You will be notified in writing at least 25 but no more than 120 days before the due date of a payment at a new level. This notice will contain information about your interest rates, payment amount and loan balance. INTEREST RATE AND PAYMENT ROUNDING. The interest rates listed on this disclosure have been rounded to the nearest 0.125%. The payments listed on this disclosure have been rounded to the nearest cent. INTEREST RATE CARRYOVER. This loan product does not have an interest rate carryover feature. Interest rate carryover means that changes in the index not passed on as changes in the interest rate will be carried over and applied to subsequent interest rate adjustments. DEMAND FEATURE. This loan product does not have a demand feature. A demand feature means that the loan is due and payable upon our request. EXAMPLE OF THE EFFECT OF AN INTEREST RATE CHANGE. Your payment can increase or decrease substantially based on periodic changes in the interest rate. For example, on a $10,000 30-year loan with an initial interest rate of 5.000% (in effect July, 2004) the maximum amount that the interest rate can rise under this program is 6.000 percentage points, to 11.000%, and the monthly payment can rise from a first year payment of $53.68 to a maximum of $91.31 in the sixth year. To see what your payments would be, divide your mortgage amount of $10,000; then multiply the periodic payment by that amount. (For example, the periodic payment for a mortgage amount of $60,000 would be: $60,000 divided by $10,000 = 6; 6 x 53.68 = $322.08 per period.) |
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| Read or Print Disclosure | Proceed (Accept Disclosure) | ||