Westerly Community Credit Union [Mortgage Rates] -

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Mortgage Rates

Mortgages*
(Effective: Thursday, December 04, 2008)

Program

Term

Interest Rate

Points

APR

Monthly Payments
per $1000 borrowed

Fixed Rate Mortgages*

(The interest rates, annual percentage rates (APRs), discount points and rebates shown are subject to change without notice. The monthly amount shown includes principle, interest, and mortgage insurance, if required. )

15 years

6.000%

6.097%

$8.44

30 years

6.000%

6.058%

$6.00

40 years

7.750%

7.807%

$6.77

Adjustable Rate Mortgage*

3 years

4.750%

4.030%

$5.22

5 years

5.750%

4.542%

$5.84

7 years

6.250%

5.679%

$6.16

RIHousing*

30 years

6.125%

6.184%

$6.08

40 years

6.375%

6.426%

$5.77

*The interest rates, annual percentage rates (APRs), discount points and rebates shown are subject to change without notice. The monthly amount shown includes principle, 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. Special information for all adjustable rate mortgages: The initial interest rate is discounted and will remain in effect for the initial term. After the initial term, the APR, interest rate and principal and interest payment are subject to change and may increase die to market driven changes to the index. Rates for RI Housing First Time Buyers are determined by the following income criteria: Income from $40,001 to maximum allowed Income from $35,001 to $40,000 Income from $30,3001 to $35,000 Income $30,000 to less Borrowers earning no more than $40,000 receive "stepped" rates, which increase by one-quarter of one percentage point every two years until they reach the top step, where they remain for the life of the loan. Households in the top income bracket will receive the top step rate for the entire 30-yr or 40-yr term of the loan. Annual Percentage Rate (APR) is subject to change. Rates includes a 0.25% discount with automatic payments from a WCCU Checking account. Maximum loan-to-value 80%. Payments per $1,000 borrowed would be: 15 years at $8.47. Minimum loan $50,000. Maximum loan $300,000. Not available for new purchases. Not for refinancing existing WCCU loans. Other rates and terms available, see loan representative for details. Other restrictions may apply.