Ladysmith Federal Mortgage Options

These are products which are offered with several term options including 15-year, 20-year and 30-year
The interest rate is set at the time of closing and remains constant over the entire loan term
Many loans are subject to a 20% down payment, although other loan options may be available
Loans with less than 20% down payment will typically require Private Mortgage Insurance
Borrowers must meet minimum credit requirements in order to be eligible for these products
Example: A 30-year, fixed-rate loan of $80,000 with an interest rate of 3.25%/3.342% APR will have 360 monthly principal and interest payments of $348.17. Payments shown do not include taxes and insurance.
Example: A 20-year, fixed-rate loan of $80,000 with an interest rate of 3.25%/3.38% APR will have 240 monthly principal and interest payments of $453.76. Payments shown do not include taxes and insurance.
Example: A 15-year, fixed-rate loan of $80,000 with an interest rate of 2.75%/2.913% APR will have 180 monthly principal and interest payments of $542.90. Payments shown do not include taxes and insurance.

These are products which are offered with initial fixed-rate periods of 1 and 5 years
The interest rate is set at the time of closing and remains constant over the initial fixed-rate period
Once the fixed-rate period expires, the interest rate can increase or decrease on an annual basis
Loans with less than 20% down payment will typically require Private Mortgage Insurance

Loans are available with fixed rate with up to a 30-year term
Down payments of 35% are required for this type of loan
Example: A 30-year, fixed-rate loan of $80,000 with an interest rate of 3.25%/3.342% APR will have 360 monthly principal and interest payments of $348.17. Payments shown do not include taxes and insurance.