HBA Disclosures
Home Buyers Assistance DBA Mortgage Consultants Group, a Division of American Pacific Mortgage Corporation NMLS #1850.
We provide help and resources for first time home buyers and those wanting to re-finance. Our services are provided to the general public at no charge. The below disclosure is required due to the nature of our industry. If you would like specific rates or details about your existing loan or re-financing, contact Jim Langdon with Mortgage Consultants Group.
Usually, a conventional mortgage is a 30-year fixed rate loan.
That means it has a fixed interest rate for the 30-year term of the mortgage. Conventional mortgages have a variety of Down Payment requirements.
There are programs that are 3%, 5%, 10% and 20% down.
If a borrower has less than 20% down payment, there is usually a requirement for the borrower to pay a monthly Private Mortgage Insurance payment. (PMI). However, there are options to eliminate Mortgage Insurance.
Below is a comparison of different loan types and their requirements.
| Loan Type | 30 year fixed |
| Loan Amount | $300,000 |
| Down Payment Percent | 20 |
| Monthly Payment without taxes and insurance | $1,475.00 |
| Rate | 4.25% |
| APR | 4.389% |
Example 30 Year Fixed: Loan amount $300,000, 20% down, monthly payment without taxes and insurance $1,475.00, APR 4.389%
| Loan Type | 15 year fixed |
| Loan Amount | $300,000 |
| Down Payment Percent | 20 |
| Monthly Payment without taxes and insurance | $2,256.84 |
| Rate | 4.25% |
| APR | 4.495% |
Example 15 Year Fixed: Loan amount $300,000, 20% down, monthly payment without taxes and insurance $2,256.84, APR 4.495%
| Loan Type | 20 year fixed |
| Loan Amount | $300,000 |
| Down Payment Percent | 20 |
| Monthly Payment without taxes and insurance | |
| Rate | 4.25% |
| APR |
| Loan Type | FHA |
| Loan Amount | $300,000 |
| Down Payment Percent | 3.5% |
| Monthly Payment without taxes and insurance | $1501.74 |
| Rate | 4.25% |
| APR | 5.395% |
Example FHA: Loan amount $300,000, 3.5% down, monthly payment without taxes and insurance $1,501.74, APR 5.395%, FHA monthly MI is $211.00.
| Loan Type | VA |
| Loan Amount | $300,000 |
| Down Payment Percent | 0 |
| Monthly Payment without taxes and insurance | $1,844.77 |
| Rate | 4.25% |
| APR | 4.432% |
Example VA: Loan amount $300,000, 0% down, monthly payment without taxes and insurance $1,844.77 APR 4.432%
| Loan Type | Reverse Mortgage |
| Loan Amount | $300,000 |
| Down Payment Percent | 0 |
| Monthly Payment without taxes and insurance | |
| Rate | 4.25% |
| APR |
| Loan Type | 3/1 ARM |
| Loan Amount | $300,000 |
| Down Payment Percent | 25 |
| Monthly Payment without taxes and insurance | $1718.00 |
| Rate | 4.00% |
| APR | 8.029% |
Example: Loan amount $300,000, 25% down, monthly payment without taxes and insurance $1,718.00, APR 8.029% *The payment or rate is subject to adjustment after 3 years. The rate may vary or payment may increase after this period.
| Loan Type | 3/1 ARM IO |
| Loan Amount | $300,000 |
| Down Payment Percent | 25 |
| Monthly Payment without taxes and insurance | $1,313.00 |
| Rate | 4.00% |
| APR | 8.081% |
Example 3 Year Interest Only: Loan amount $300,000, 25% down, monthly payment without taxes and insurance $1,313.00, APR 8.081% *The initial payment period is applied only to interest. After 3 years payments are made on the principal.
| Loan Type | 5/1 ARM |
| Loan Amount | $300,000 |
| Down Payment Percent | 20 |
| Monthly Payment without taxes and insurance | $1,475.00 |
| Rate | 4.25% |
| APR | 7.143% |
Example: Loan amount $300,000, 20% down, monthly payment without taxes and insurance $1,475.82, APR 7.143% *The payment or rate is subject to adjustment after 5 years. The rate may vary or payment may increase after this period.
| Loan Type | 5/1 ARM IO |
| Loan Amount | $300,000 |
| Down Payment Percent | 20 |
| Monthly Payment without taxes and insurance | $1,400.00 |
| Rate | 4.200 |
| APR | 6.677% |
Example 5 Year Interest Only: Loan amount $300,000, 20% down, monthly payment without taxes and insurance $1,400.00, APR 6.677% *The initial payment period is applied only to interest. After 5 years of payments are made on the principal.
| Loan Type | 7/1 ARM |
| Loan Amount | $300,000 |
| Down Payment Percent | 20 |
| Monthly Payment without taxes and insurance | $1,475.82 |
| Rate | 4.25% |
| APR | 6.816% |
Example: Loan amount $300,000, 20% down, monthly payment without taxes and insurance $1,475.82, APR 6.816% *The payment or rate is subject to adjustment after 7 years. The rate may vary or payment may increase after this period.
| Loan Type | 10/1 ARM |
| Loan Amount | $300,000 |
| Down Payment Percent | 20 |
| Monthly Payment without taxes and insurance | $1,475.82 |
| Rate | 4.25% |
| APR | 6.148% |
Example: Loan amount $300,000, 20% down, monthly payment without taxes and insurance $1,475.82, APR 6.148% *The payment or rate is subject to adjustment after 10 years. The rate may vary or payment may increase after this period.
| Loan Type | 10/1 ARM IO |
| Loan Amount | $300,000 |
| Down Payment Percent | 20 |
| Monthly Payment without taxes and insurance | $1,062.50 |
| Rate | 4.25% |
| APR | 6.232% |
Example 10 Year Interest Only: Loan amount $300,000, 20% down, monthly payment without taxes and insurance $1,062.50, APR 6.232% *The initial payment period is applied only to interest. After 10 years payments are made on the principal.
| Loan Type | Jumbo 30 Year |
| Loan Amount | $500,000 |
| Down Payment Percent | 20 |
| Monthly Payment without taxes and insurance | $2,459.70 |
| Rate | 4.25% |
| APR | 4.360% |
Example Jumbo 30 Year Fixed: Loan amount $500,000, 20% down, monthly payment without taxes and insurance $2,459.70, APR 4.360%
| Loan Type | USDA |
| Loan Amount | $300,000 |
| Down Payment Percent | 0 |
| Monthly Payment without taxes and insurance | $1,475.82 |
| Rate | 4.25% |
| APR | 4.388% |
Example USDA: Loan amount $300,000, 0% down, monthly payment without taxes and insurance $1,475.82, APR 4.388%
| Loan Type | Peak 1st |
| Loan Amount | $300,000 |
| Down Payment Percent | 5 |
| Monthly Payment without taxes and insurance | |
| Rate | 4.25% |
| APR |
| Loan Type | Peak Stand Alone |
| Loan Amount | $300,000 |
| Down Payment Percent | 5 |
| Monthly Payment without taxes and insurance | |
| Rate | 4.25% |
| APR |