|
|
Mortgage Loans
Park Federal Savings Bank offers a variety of mortgages to meet your financing needs. From Fixed Rate and
Adjustable Rate Mortgages to Construction and Land Loans.
 |
Down payment as low as 2% down with Neighborhood Housing Services 2nd mortgage loan. This program
is for properties in Chicago and will not require Private Mortgage Insurance (PMI).
|
|
|
Down payment and closing cost assistance for First Time Home Buyers.
|
|
|
No cost and no obligation pre-qualification.
|
|
|
Specialized lending in multi family properties.
|
|
Fixed Rate Mortgages — Rates Effective
August 22, 2008 |
|
Term
|
Rate
|
APR
|
Loan Fee
|
|
15 Year
|
6.125%
|
6.352%
|
1.00%
|
|
15 Year
|
6.250%
|
6.319%
|
0.00%
|
|
30 Year
|
6.500%
|
6.640%
|
1.00%
|
|
30 Year
|
6.625%
|
6.668%
|
0.00%
|
Rates are listed for 1-4 Family Owner Occupied Residences only.
Rates are subject to change
without notice.
|
- The Annual Percentage Rate (APR) of 6.352% is
calculated based on a 1.00% loan fee for a loan amount of $100,000.00 at
6.125%, amortized over 15 years computing a principal and interest
payment of $850.62.
- The Annual Percentage Rate (APR) of 6.640% is
calculated based on a 1.00% loan fee for a loan
amount of $100,000.00 at 6.500% amortized over 30
years computing a principal and interest payment of
$632.07.
|
Adjustable Rate Mortgages (30 Year
Amortization) — Rates Effective August
22, 2008 |
|
Term
|
Rate
|
APR
|
Loan Fee
|
|
1 Year
|
5.750%
|
5.777%
|
0.00%
|
|
3 Year
|
5.875%
|
5.914%
|
0.00%
|
|
5 Year
|
6.000%
|
6.039%
|
0.00%
|
Rates are listed for 1-4 Family Owner Occupied Residences only. 2% Annual Cap, 6% Lifetime Cap.
Rates are subject to change without notice.
|
- The Annual Percentage Rate (APR) of 5.777% on a
1-Year Adjustable Rate Mortgage is calculated based
on a 0.00% loan fee for a loan amount of $100,000.00
at 5.750% amortized over 30 years, computing a
principal and interest payment of $583.57, assuming
an index of 2.330% and a margin of 2.500%. Rate,
APR, and Payment are subject to change after the
initial fixed rate period.
- A 20% down payment is required for loans
without Private Mortgage Insurance (PMI).
- A 5% down payment is required for loans with
Private Mortgage Insurance (PMI).
- A 2% down payment is required for loans with Neighborhood Housing Services (NHS) 2nd mortgage loans.
Contact our Loan Department for details today!
|
|