vLoan Assumptions & Disclosures
These results are for Illustration purposes only. These are subject to change based on accuracy of information provided. Some products may not be available in all states. Some jumbo products may not be available to first-time home buyers. Lending services may not be available in all areas. Some restrictions may apply.
Based on the purchase or refinance of a primary residence with no cash out at closing. We assume (unless otherwise noted) that: closing costs are paid out-of-pocket; this is your primary residence and is a single family home; debt-to- income ratio is less than 43%; and credit score is over 740, or in the case of certain Jumbo products we assume a credit score over 740; and an escrow account for the payment of taxes and insurance. The lock period for your rate is 30 days.
Twelve months’ reserves are required. The loan to value (LTV) ratio is 80%. If LTV > 80%, PMI will be added to your monthly mortgage payment. VA loans do not require PMI.
Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. You may still qualify for a loan even if your situation doesn’t match our assumptions. vLoan offers a wide variety of loan options. Please contact us at 1-844-77vLoan (844-778-5626) for a rate and payment quote customized for you.
Conventional 5 Year ARM: The initial payment on a 30-year $225,000 Conventional 5 Year ARM Loan at 4.375% and 75% loan-to-value (LTV) is $1,124.00 with 1.25 points due at closing. The Annual Percentage Rate (APR) is 4.905%. With no change from the current index rate, after the initial 5 years, the principal and interest payment is $1,124.00. The fully indexed rate is 4.927%. After the initial 5 year rate period, the interest rate can adjust annually and is calculated based on the following formula: Margin (2.25%) plus Current Index Rate = New Note Rate. Interest rate caps for this ARM loan are as follows: The initial cap is 5.00%, the periodic cap is 2.00%, and the lifetime cap is 5.00%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rate is variable and subject to change after 5 years and annually thereafter.