Important Disclosures
Estimated Home Value
The estimated home value is based on multiple available data sources, including but not limited to: The Federal Housing Finance Agency House Price Index (FHFA HPI), the borrower's original purchase price, t he length of time since the original purchase or other additional factors.
This is only an estimate and is subject to change. The value estimator is not a substitute for the expertise of a licensed real estate agent or appraiser and should not be relied upon as a replacement for an official appraisal.
APR (Annual Percentage Rate)
Rates and information are as of [DATE]. The displayed mortgage interest rates apply to a single-family primary residence and are based on a 30-day rate lock period. Mortgage rates depend on multiple factors and are subject to change. These rates are based on various assumptions and conditions, including a consumer's credit score, which may be higher or lower than your individual credit score. The loan’s interest rate will ultimately depend on the specific characteristics of the loan transaction and the borrower's credit profile up to the time of closing.
Potential Monthly Savings
"Potential Monthly Savings" refers to the difference between a consumer’s current estimated monthly principal and interest payment and their new estimated monthly principal and interest payment. Example payment estimates do not include taxes and insurance unless noted. State and county maximum loan amount restrictions may apply.
Product Terms and Limitations
The Home Equity Loan product is a second-lien mortgage secured by your home. This is not a line of credit. All loans are subject to credit, underwriting, and property approval guidelines. Minimum FICO Score: 640. Maximum Debt-to-Income Ratio: 50%. Combined Loan-to-Value (CLTV): Up to 85% (based on occupancy and FICO). Loan Amounts: $25,000 – $350,000. Payments do not include taxes and property insurance. Please consult your tax advisor regarding the deductibility of interest on a home equity loan. Interest rates and program terms are subject to change without notice. Property insurance is required. Other restrictions may apply.
Refinance Product Terms and Limitations
The minimum loan amount is $50,000, and state and county maximum loan amount restrictions may apply. The maximum interest rate is 10.750%. The loan’s interest rate will depend on the specific characteristics of the transaction and the borrower’s credit profile up to the time of closing by refinancing your existing loan, your monthly payment may be lower; however, your total finance charges may be higher over the life of the loan.
Cash-out options are not available on USDA loans and are limited on Conventional loans, which require a minimum credit score of 660 and a maximum backend debt-to-income ratio of 44%. Conventional loans are not available for 2-4 unit properties or manufactured homes.
Conventional loans require income verification, a new appraisal, and a new credit report. The loan amount cannot exceed $1,149,825 and assumes a loan-to-value (LTV) of 80% or less, with at least 20% equity in the home. If the LTV exceeds 80%, private mortgage insurance (PMI) may be required.
FHA loans require both an upfront and an annual mortgage insurance premium. The loan assumes an LTV of 90% or less, and the mortgage insurance premium varies based on loan details, credit score, and other factors. The estimated monthly payment includes principal, interest, and mortgage insurance when applicable.
VA loans require an upfront VA Funding Fee.