Real Estate Loan Rates

First Mortgage Loan Rates 

Effective October 16, 2023,

Type	Amount Financed	APR**  (as low as)	Points
10 Year First Mortgage	Up to 80% LTV	5.74%**	0.00%
15 Year First Mortgage	Up to 80% LTV	6.24% **	0.00%
20 Year First Mortgage	Up to 75% LTV	6.74% **	0.00%
30 Year First Mortgage	Up to 75% LTV	6.875% **	0.00%

$417,000 Maximum

$20,000 Minimum

10 to 30 years terms

Rates and/or terms are subject to change without prior notice.

**APR can be higher in uncommon cases because of extraordinary processing fees.  Actual rate is based on your credit history and credit bureau score. 

Estimation of Typical First Mortgage Loan Fees
Appraisal	$465
Flood Insurance Determination	$15
Credit Report	$25 (per applicant)
Attorney Fees	$500
Recording Fees	$300
Wire Transfer Fee	$25
Title Insurance (Based on value of property)
Flood Insurance (Based on value of property)

Note that these costs are estimated and your costs will vary if the property has any special conditions, unusual circumstances, or extraordinary factors.

Second Mortgage, Home Equity and Home Improvement Loan Rates

Effective October 16, 2023

Type	Amount Financed	Repayment Period	APR *
Second Mortgage $100,000 Maximum $5,000 Minimum Loan	Up to 80% LTV	Up to 5 years 5 to 10 years 10 to 15 years	5.99% 6.49% 7.00%
Home Equity Line of Credit $100,000 Maximum $5,000 Minimum Loan	Up to 80% LTV	7 year draw period 7 year repayment period	6.75%
Home Improvement (Estimates must be presented)	Up to $7,500 Up to $20,000 with multiple borrowers	Up to 36 months 37 to 60 months	8.99% 9.99%

*APR = Annual Percentage Rate.

Is comparing APRs the best way to decide which lender has the lowest rates and fees?

The Federal Truth in Lending law requires that all financial institutions disclose the APR when they advertise a rate. The APR is designed to present the actual cost of obtaining financing, by requiring that some, but not all, closing fees are included in the APR calculation. These fees in addition to the interest rate determine the estimated cost of financing over the full term of the loan. Since most people do not keep the mortgage for the entire loan term, it may be misleading to spread the effect of some of these up front costs over the entire loan term. 

Also, unfortunately, the APR doesn't include all the closing fees and lenders are allowed to interpret which fees they include. Fees for things like appraisals, title work, and document preparation are not included even though you'll probably have to pay them.

For adjustable rate mortgages, the APR can be even more confusing. Since no one knows exactly what market conditions will be in the future, assumptions must be made regarding future rate adjustments.

You can use the APR as a guideline to shop for loans but you should not depend solely on the APR in choosing the loan program that's best for you. Look at total fees, possible rate adjustments in the future if you're comparing adjustable rate mortgages, and consider the length of time that you plan on having the mortgage.

Don't forget that the APR is an effective interest rate--not the actual interest rate. Your monthly payments will be based on the actual interest rate, the amount you borrow, and the term of your loan.