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* Disclosure 1 - The Annual Percentage Rates (‘APRs’) are accurate as of February 8, 2023. The total term of the Home Equity Line of Credit (‘HELOC’) is 24 months. The APR is a variable rate based on an index of the highest Prime Rate reported each day in the Money Rates section of the Wall Street Journal (the “WSJ Prime”), minus a margin of .50% with a floor of 5.50%. On February 8, 2023, the WSJ Prime Rate was 7.75% resulting in the following APR for loan amounts from $50,000.00 to $400,000.00: 7.25% (Prime -.50%). The minimum APR is 5.50% and the maximum APR is 15.00%. Rates are subject to change daily. Interest only minimum payments required and will result in a balloon payment. Minimum loan amount is $50,000.00 and Maximum loan amount is $400,000.00. A Minimum draw of $10,000.00 is required within 15 calendar days of closing. The minimum for additional draws is $250.00. There is an annual fee of $50, but it will be waived for the first year. Offer applies to lines secured by owner occupied, one-to four-family residences with a maximum Combined Loan to Value (CLTV) of 75%. Property insurance is required and flood insurance may be required. Consult a tax advisor regarding the deductibility of interest. Pricing shown assumes borrower meets underwriting guidelines and has an initial draw of $10,000.00 within 15 calendar days of closing, otherwise credit may not be available. See your loan officer for details. No Closing Costs. First Nations Bank reserves the right to withdraw, suspend, or alter this offer at any time without notice. 2/8/2023.
* Disclosure 2 - The Mortgage Rates and Annual Percentage Rates (APR) shown above are the current rates as of 03/20/2023 for a Rate & Term Refinance (No Cash-out) Loan with 180 monthly payments of $1,701.25 for 15 years and 360 monthly payments of $1,398.43 for 30 years. Monthly payments include principal and interest and do not include property taxes and insurance premiums. The actual payment will be greater. The rates and payments are based on the following assumptions: property is a single-family primary residence located in Cook County, IL based on a 45 day lock period, conforming loan amount of $200,000, a first lien position with a loan-to-value (LTV) of 80%, a credit score of 720 and borrower-paid finance charges of $2,200.
Interest rate and program terms are subject to change without notice and may be subject to pricing adjustments related to loan type, property type, property location, occupancy type, loan amount, loan-to-value, credit score, refinance with cash out and other conditions. Your final rate, points, finance charges and costs may be higher or lower than those shown above based on information relating to these factors, which may be determined after you apply. The annual percentage rate (APR) is the cost of credit over the term of the loan expressed as an annual rate. The APR shown above is based on the interest rate and borrower-paid finance charges of $2,200 and does not take into account any other loan specific finance charges or costs that you may be required to pay.
Loan approval is subject to credit approval and program guidelines. Property insurance is required and flood insurance may be required. Mortgage insurance may be required depending upon loan guidelines. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment.
To lock a rate, you must submit a loan application to First Nations Bank and receive confirmation from a mortgage loan officer that your rate is locked.