Mortgage Loans in Bucks County

• At 5.75%, the payment for each $1000 borrowed over a period of 180 months is $8.30 per month.
  For a $100,000 loan at 5.75% for 180 months, the payment would be $830.41 per month.
• At 6.00%, the payment for each $1000 borrowed over a period of 240 months is $7.16 per month.
  For a $100,000 loan at 6.00% for 240 months, the payment would be $716.43 per month.
• At 6.50%, the payment for each $1000 borrowed over a period of 360 months is $6.32 per month.
  For a $100,000 loan at 6.50% for 360 months, the payment would be $632.07 per month.

The above payments do not include amounts for taxes and insurance, if applicable. Actual payment obligation may be higher. Additional rates and terms are available, please call for details. Closing costs will apply.

The adjustable-rate mortgage (ARM) is geared to homeowners who want to start with relatively low monthly payments or are selling or relocating within five to ten years.

ARMs come with interest rates that fluctuate over the life of the loan. For the first year or the first three or ten years of the loan (depending on terms), ARMs begin with a relatively low-interest rate tied to an index such as the federal government’s cost of funds index. That index varies from month to month according to economic indicators. On either the first-, third- or ten-year anniversary (depending on the agreement), the mortgage interest rate is reset based on fluctuations in the index.

Typically, the agreement states that at the maximum, the borrower’s interest rate can climb two percent in any one-year and six percent over the length of the mortgage loan. That maximum increase is known as the rate cap.

Because ARMs are usually fixed for one or three years, they appeal to owners who:

• Expect to live only a few years in their home
• Are involved in a bankruptcy
• Are buying a second home or investment property

Appraisal – a professional appraiser inspects the appearance of the property and studies the condition of the neighborhood to determine the property’s value and ensure that the property is a safe investment.

Escrow – documents and money that are kept by a third party until contractual conditions are met by the parties involved in a sale of property.

Closing Costs (also known as settlement costs) – not included in the sale price; these are expenses that must be paid before title to the property is transferred to the new owner.

Loan is subject to credit approval.