Loan Assumptions and Disclosures

Certain conditions and restrictions may apply. Loans are subject to credit approval. This is not a mortgage loan approval or commitment to lend. The actual fees, costs, and monthly payment of your specific loan may vary.

After the initial fixed-rate period of an Adjustable Rate Mortgage (ARM), the interest rate can increase or decrease based on the index rate, which will impact your monthly payment. When considering an ARM, you should decide if you can afford the maximum estimated payment if that rate increases. Please speak with a loan representative for further details.

Rates and Annual Percentage Rate (APR) are subject to change without notice. Mortgage Insurance (MI) is required for properties with loan-to-value ratios over 80%. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment.

The following assumptions are made about a mortgage transaction in the ARM loan examples illustrated in the tables below:

Loan amount $200,000
Loan to value (LTV) 80%
Down Payment 20%
Term 30 years (360 Months)
Property use Owner-occupied, 1-4 Family
Points None

5/5/30 ARM Loan Details

The following table illustrates 360 monthly payments based on a $200,000 loan amount with an initial interest rate of 2.625% (3.053% APR) for 60 months and no points. This is a variable rate loan; the rate may increase after consummation.
 

Number of Payments Estimated Interest Rate Estimated Monthly Payments1
Payments 1-60 2.625% $803.30
Payments 61-359 3.250% $860.47
Payment 360 3.250% $861.92

1 The estimated monthly payment includes principal and interest, and does not include property insurance, taxes, or mortgage insurance, which when added will make the overall payment obligation greater. After the initial fixed rate period, the interest rate can increase or decrease every 60 months based on the then-current index rate plus a margin (see Rate Adjustment Details below), which will impact your monthly payment.
 

5/5/30 ARM Loan - Rate Adjustment Details

Current Index Rate: 0.780% (Variable)
Margin: 2.500%
Period Initial Rate and Payment are In Effect: 60 months
Subsequent Rate Adjustment Frequency: 60 months
First Adjusted Interest Rate Cap: 2.000%
Subsequent Adjusted Interest Rate Cap: 2.000%
Lifetime Rate Cap: 6.000%

Maximum Rate and Payment Adjustment Details
After the initial fixed rate period and based on the initial interest rate and interest rate caps disclosed above, the maximum first adjusted rate for this loan will never be more than 4.625%, with a maximum payment of $994.00 (principal and interest only). The maximum lifetime rate will never be more than 8.625% with an estimated monthly payment of $1,323.00 (principal & interest only).

7/1/30 ARM Loan Details

The following table illustrates 360 monthly payments based on a $200,000 loan amount with an initial interest rate of 2.750% (2.699% APR) for 84 months and no points. This is a variable rate loan; the rate may increase after consummation.
 

Number of Payments Estimated Interest Rate Estimated Monthly Payments2
Payments 1-84 2.750% $816.48
Payments 85-359 2.625% $806.00
Payment 360 2.625% $804.33

2 The estimated monthly payment includes principal and interest, and does not include property insurance, taxes, or mortgage insurance, which when added will make the overall payment obligation greater. After the initial fixed rate period, the interest rate can increase or decrease every 12 months based on the then-current index rate plus a margin (see Rate Adjustment Details below), which will impact your monthly payment.

7/1/30 ARM Loan - Rate Adjustment Details

Current Index Rate:                     0.080% (Variable)
Margin:       2.500%
Period Initial Rate and Payment are In Effect: 84 months
Subsequent Rate Adjustment Frequency: 12 months
First Adjusted Interest Rate Cap:     2.000%
Subsequent Adjusted Interest Rate Cap: 2.000%
Lifetime Rate Cap:    6.000%

Maximum Rate and Payment Adjustment Details
After the initial fixed rate period and based on the initial interest rate and interest rate caps disclosed above, the maximum first adjusted rate for this loan will never be more than 4.750%, with a maximum payment of $995.00 (principal and interest only).  The maximum lifetime rate will never be more than 8.750% with an estimated monthly payment of $1,384.00 (principal & interest only).

10/2/30 ARM Loan Details

The following table illustrates 360 monthly payments based on a $200,000 loan amount with an initial interest rate of 3.000% (2.919% APR) for 120 months and no points. This is a variable rate loan; the rate may increase after consummation.
 

Number of Payments Estimated Interest rate Estimated Monthly Payments3
Payments 1-120 3.000% $843.21
Payments 121-359 2.750% $824.31
Payment 360 2.750% $823.01

3 The estimated monthly payment includes principal and interest, and does not include property insurance, taxes, or mortgage insurance, which when added will make the overall payment obligation greater. After the initial fixed rate period, the interest rate can increase or decrease every 24 months based on the then-current index rate plus a margin (see Rate Adjustment Details below), which will impact your monthly payment.

10/2/30 ARM Loan - Rate Adjustment Details

Current Index Rate:      0.220% (Variable)
Margin: 2.500%
Period Initial Rate and Payment are In Effect: 120 months
Subsequent Rate Adjustment Frequency: 24 months
First Adjusted Interest Rate Cap:    2.000%
Subsequent Adjusted Interest Rate Cap: 2.000%
Lifetime Rate Cap:          6.000%

Maximum Rate and Payment Adjustment Details
After the initial fixed rate period and based on the initial interest rate and interest rate caps disclosed above, the maximum first adjusted rate for this loan will never be more than 5.000%, with a maximum payment of $1,003.00 (principal and interest only).  The maximum lifetime rate will never be more than 9.000% with an estimated monthly payment of $1,321.00 (principal & interest only).

 

First Time Homebuyer 10/2 Program

Special program. Some restrictions apply. Call 732.388.1800 to speak with a loan representative for further details.

20 Year Bi-weekly

Special program. Some restrictions apply. Call 732.388.1800 to speak with a loan representative for further details.

25 Year Bi-weekly

Special program. Some restrictions apply. Call 732.388.1800 to speak with a loan representative for further details.

30 Year Fixed Mortgage

Borrowers and properties must qualify under Federal National Mortgage Association (FNMA) and Bank guidelines. Call 732.388.1800 to speak with a loan representative for further details.

Homeowner’s Insurance

You will be required to purchase and maintain insurance on the Property as a condition of RSI Bank making any Mortgage Loan.  New Jersey law (NJ Admin. Code 3:1-13.1) requires that you be informed that you may purchase any insurance related to the extension of credit from a source of your own choosing.  RSI Bank can refuse to accept your choice of insurer or insurance, for reasonable cause, but will give you written notice stating why insurance coverage provided by you would be unacceptable.