Conventional Mortgage Rates
Rates are subject to change without notice and are based on a 30-day lock-in period.
| Effective as of May 09, 2008 |
| Term |
Rate |
Annual % Rate |
| 15-year fixed |
5.250% |
5.521% |
| 20-year fixed |
5.500% |
5.716% |
| 30-year fixed |
5.750% |
5.913% |
| 5-year balloon |
5.125% |
5.563% |
| 7-year balloon |
5.125% |
5.460% |
| 3/1 ARM * |
4.625% |
6.584% |
| 5/1 ARM * |
5.125% |
6.504% |
|
*ARM = Adjustable Rate Mortgage
With an adjustable rate mortgage, your rate is locked for the first years of the loan (3/1 ARM, rate is locked for first 3 years. 5/1 ARM, rate is locked for first 5 years). After the initial 3 or 5 years your rate is subject to change up or down no more than 2% each year, and can only adjust up or down a total of 6% over the life of the loan.
Lot Loans
| Effective as of May 09, 2008 |
| Term |
Rate |
Annual % Rate |
| 5-year balloon |
8.250% |
8.422% |
| 6-year fixed |
8.250% |
8.621% |
|
Available in Arizona, Florida, Iowa, Minnesota and Wisconsin
Other rates and terms are available. For more information on current rates and terms, please contact our Call Center at (507) 535-1460 or toll free at (800) 535-2129, Monday - Friday, 8 a.m. to 5 p.m.
All MEFCU mortgage loans have no prepayment penalty and can be refinanced at any time.
Conventional APRs are based on 80 percent loan to value (LTV), with a loan amount of $100,000 with the terms shown and assuming equal monthly payments. Stated APR includes our .75 percent origination fee.
Rates are subject to change without notice and are based on the amount of the loan. These rates are for example purposes only and are not to enter into a loan agreement at a specified interest rate.
Please note: This statement of current loan terms is not an offer to enter into an interest rate or discount point agreement. Any such offer may be made only pursuant to subdivisions 3 and 4 of Minnesota Statutes Section 47.206.
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