Important Notices

• Rates, points and programs cannot be guaranteed. This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z. Maximum Loan amount for a conforming loan is $417,000 . Jumbo is a loan amount in excess of $417,000 . Rates and APR's are based on amounts of $200,000 for Conforming Loans and $500,000 Jumbo Loans. Rates above are subject to loan size pricing adjustments.
• Loans Fees for underwriting, document preparation, tax service, and flood cert are between $595-$895 depending on lender selected for your loan. The loan fees do not include appraisal. Appraisals are arranged on a C.O.D. basis only. The appraiser will collect the fee from you directly.
  
• The interest rates, annual percentage rate (APRs), points, and rebates shown are subject to change without notice. The fees listed above are estimates only and may change. A final itemization of fees will be provided at closing.

• Interest rates for refinances are for NO cash-out transactions. Use our rate request form , call  or email us for interest rates for CASH OUT refinance transactions.
  
  
• The monthly payment amount shown includes principal, interest, and mortgage insurance, if required. Your actual monthly payment will be higher if an escrow/impound account is established or required.
  
  
• Your APR will vary based on your final loan amount and finance charges.
  
  
• All rate quotes are based on the assumption of a 30-35 day lock on a single family primary residence with establishing an escrow account for taxes and homeowner's insurance. Your final rate will depend upon your unique credit history and type of loan you are trying to qualify for. In order to receive a final rate and closing cost quote, an application must be submitted and a Loan Officer from Mortgages First will email and call you with your final decision.
  
  
• A $99 application fee is collected from you at time of application and will be applied toward the total closing costs associated with your loan and will credited back to you at closing. Please be reminded that this fee is non-refundable if you do not close. There is no application fee for the pre-qualification application.
  
  
• Special information for all adjustable rate mortgages(ARM): The APR, interest rate and principal and interest payment are subject to increase after consummation. Please refer to the following examples of a 30 year ARM loan.
  
  
• 1 Year ARM:
  Fully Amortizing Option: For example, on a $10,000, 30 year loan with an initial interest rate of 3.75% (this is an initial interest rate that was in effect in March, 2003), the maximum amount the interest rate under this program can increase is 6 percentage points to 9.75%. The Monthly Payment can rise from an initial payment of $46.31 to a maximum of $83.94 in the fourth year.
  
  To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $463.10 ($100,000 / $10,000 = $10; $10 x $46.31). The maximum payment amount would be $839.40 ($100,000 / $10,000 = $10; $10 x $83.94).
  
  
• 3 Year ARM:
  Interest Only Option: For example, on a $10,000, 30 year loan with an initial interest rate of 4.0% (this is an initial interest rate that was in effect in March, 2003), the maximum amount the interest rate under this program can increase is 6 percentage points to 10%. The Monthly Payment can rise from an initial payment of $33.33 to a maximum of $88.42 in the sixth year.
  
  To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $333.30 ($100,000 / $10,000 = $10; $10 x $33.33). The maximum payment amount would be $884.20 ($100,000 / $10,000 = $10; $10 x $88.42).
  
  Fully Amortizing Option: For example, on a $10,000, 30 year loan with an initial interest rate of 4.0% (this is an initial interest rate that was in effect in March, 2003), the maximum amount the interest rate under this program can increase is 6 percentage points to 10%. The Monthly Payment can rise from an initial payment of $47.74 to a maximum of $83.55 in the sixth year.
  
  To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $477.40 ($100,000 / $10,000 = $10; $10 x $47.74). The maximum payment amount would be $835.50 ($100,000 / $10,000 = $10; $10 x $83.55).
  
  
• 5 Year ARM:
  Interest Only Option: For example, on a $10,000, 30 year loan with an initial interest rate of 4.25% (this is an initial interest rate that was in effect in March, 2003), the maximum amount the interest rate under this program can increase is 5 percentage points to 9.25%. The Monthly Payment can rise from an initial payment of $35.42 to a maximum of $85.64 in the sixth year.
  
  To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $354.42 ($100,000 / $10,000 = $10; $10 x $35.42). The maximum payment amount would be $856.40 ($100,000 / $10,000 = $10; $10 x $85.64).
  
  Fully Amortizing Option: For example, on a $10,000, 30 year loan with an initial interest rate of 4.25% (this is an initial interest rate that was in effect in March, 2003), the maximum amount the interest rate under this program can increase is 5 percentage points to 9.25%. The Monthly Payment can rise from an initial payment of $49.19 to a maximum of $77.77 in the sixth year.
  
  To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $491.90 ($100,000 / $10,000 = $10; $10 x $49.19). The maximum payment amount would be $777.70 ($100,000 / $10,000 = $10; $10 x $77.77).
  
  
• 7 Year ARM:
  Interest Only Option: For example, on a $10,000, 30 year loan with an initial interest rate of 4.875% (this is an initial interest rate that was in effect in March, 2003), the maximum amount the interest rate under this program can increase is 5 percentage points to 9.875%. The Monthly Payment can rise from an initial payment of $40.63 to a maximum of $91.86 in the eighth year.
  
  To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $406.30 ($100,000 / $10,000 = $10; $10 x $40.63). The maximum payment amount would be $918.60 ($100,000 / $10,000 = $10; $10 x $91.86).
  
  Fully Amortizing Option: For example, on a $10,000, 30 year loan with an initial interest rate of 4.875% (this is an initial interest rate that was in effect in March, 2003), the maximum amount the interest rate under this program can increase is 5 percentage points to 9.875%. The Monthly Payment can rise from an initial payment of $52.92 to a maximum of $80.58 in the eighth year.
  
  To determine how much your monthly payment would be under the same scenario, divide your mortgage amount by $10,000; then multiply the quotient by the monthly payment amount. For example, a $100,000 loan made under the conditions described above, the initial payment would be $529.20 ($100,000 / $10,000 = $10; $10 x $52.92). The maximum payment amount would be $805.80 ($100,000 / $10,000 = $10; $10 x $80.58).
  
  
• The Lender Credit and points shown above are not guaranteed. The actual rebate and points will be determined when your interest rate is locked.
  
  
• Interest Only Prime ARM:
  The following examples illustrate how your interest rate and payments may change under this Adjustable Rate program. Each example is based on a loan amount of $10,000 and a loan term of 25 years. The interest rate for each example is based on an index and margin available in March, 2004. The lifetime interest rate cap is the greater of (i) twelve percent (12%), or (ii) the initial interest rate plus five percent (5%). Your monthly payment can increase or decrease substantially based on changes in the interest rate.
  
  For example, on a $10,000, 25 year loan with an initial interest rate of 3.50% (this is an initial interest rate that was in effect in March, 2004), the maximum amount the interest rate under this program can increase is to 12.00%. During the interest-only period, the monthly payment amount for a $10,000 mortgage can rise from an initial monthly payment of $29.17 to a maximum of $100.00 commencing with the third (3rd) month of the loan term. During the amortization period, the monthly payment can reach a maximum of $120.02 in the one hundred twenty-first (121st) month of the loan term.
  
  To determine the initial monthly payment on your mortgage, divide your mortgage amount by $10,000; then multiply the monthly payment by that amount. For example, the initial loan payment for a mortgage amount of $300,000 would be $875.51 ($300,000 divided by $10,000 = 30; 30 x $29.17=$875.10). The maximum payment amount would be $3600.60 ($300,000 divided by $10,000 = 30; 30 x $120.02 =$3600.60).