Internet Ad – ARM

Here’s a good disclosure format from a national online mortgage lender at their website (we’ll keep this anonymous :-))

*Product available on Fixed Rate Conventional Products only. No FHA, VA or Jumbo Products. No State Restrictions.

Click to see our assumptions.
  • Mortgage rates could change daily.
  • Actual payments will vary based on your individual situation and current rates.
  • Some products may not be available in all states.
  • Some jumbo products may not be available to first time home buyers.
  • Lending services may not be available in all areas.
  • Some restrictions may apply.
  • Based on the purchase/refinance of a primary residence with no cash out at closing.
  • We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720, or in the case of certain Jumbo products we assume a credit score over 740; and an escrow account for the payment of taxes and insurance.
  • The lock period for your rate is 45 days.
  • The loan to value (LTV) ratio is 70%. If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans. Military/VA loans do not require PMI.
  • Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Quicken Loans offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (800) 695-1899 to talk to one of our mortgage experts.
  • Adjustable-Rate Mortgage: The initial payment on a 30-year $200,000 5-year Adjustable-Rate Loan at 2.875% and 70% loan-to-value (LTV) is $829.79 with 2.25 points due at closing. The Annual Percentage Rate (APR) is 3.12%. After the initial 5 years, the principal and interest payment is $829.79. The fully indexed rate of 2.875% is in effect for the remaining 25 years and can change once every year for the remaining life of the loan. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rate is variable and subject to change after 5 years.