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Adjustable Rate Mortgage Disclosures
10/1 ARM: 30 Year – 0 Points
Current Annual Percentage Rate (APR) is 4.392%. Adjustable rate mortgage. Example monthly payments assume a loan of $ 200,000 and a 20% down payment and 0 points amortized over 30 years and would result in 120 initial monthly payments of principal and interest (P&I) in the amount of $1088.98 followed by 240 monthly payments of (P&I) $915.88 The Annual Percentage Rate (APR) may increase or decrease after the initial 10-year period then adjust annually thereafter based on an index. The maximum annual interest rate increase or decrease is capped at 2% with a lifetime cap of 6%. The interest rate will be based on an index plus a margin. The index is the average weekly yield on US Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve Board. Lower down payments available. Down payments of less than 20% require Private Mortgage Insurance which will increase the APR and monthly payment. Annual Percentage Rates are subject to change without notice. The Annual Percentage Rate is accurate as of March 2nd, 2010. Closing costs apply. Subject to credit approval. Payments do not include taxes and insurance and if included will result in the actual monthly obligation being greater. Rhode Island. Southeastern Massachusetts and Eastern Connecticut properties are eligible. Available 1-4 family and condo primary residences and single family and condo second homes. Homeowners insurance is required. Flood insurance may apply. Other programs and terms may be available.
Other terms and conditions apply. Please contact a BankNewport representative at 846-3400 or 800-234-8586 (outside Newport County) for details about credit costs and terms.
6/1 ARM: 30 Year –0 Points
Current Annual Percentage Rate (APR) is 3.595%. Adjustable rate mortgage. Example monthly payments assume a loan of $ 200,000 and a 20% down payment and 0 points amortized over 30 years and would result in 72 initial monthly payments of principal and interest (P&I) in the amount of $983.88 followed by 288 monthly payments of (P&I) $876.57. The Annual Percentage Rate (APR) may increase or decrease after the initial 6-year period then adjust annually thereafter based on an index. The maximum annual interest rate increase or decrease is capped at 2% with a lifetime cap of 6%. The interest rate will be based on an index plus a margin. The index is the average weekly yield on US Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve Board. Lower down payments available. Down payments of less than 20% require Private Mortgage Insurance which will increase the APR and monthly payment. Annual Percentage Rates are subject to change without notice. The Annual Percentage Rate is accurate as of March 2nd, 2010. Closing costs apply. Subject to credit approval. Payments do not include taxes and insurance and if included will result in the actual monthly obligation being greater. Rhode Island. Southeastern Massachusetts and Eastern Connecticut properties are eligible. Available 1-4 family and condo primary residences and single family and condo second homes. Homeowners insurance is required. Flood insurance may apply. Other programs and terms may be available.
Other terms and conditions apply. Please contact a BankNewport representative at 846-3400 or 800-234-8586 (outside Newport County) for details about credit costs and terms.
4/1 ARM: 30 year- 0 Points
Current Annual Percentage Rate (APR) is 3.382%. Adjustable rate mortgage. Example monthly payments assume a loan of $200,000 and a 20% down payment and 0 points amortized over 30 years and would result in 48 initial monthly payments of principal and interest (P&I) in the amount of $954.83 followed by 312 monthly payments of (P&I) $866.96. The Annual Percentage Rate (APR) may increase or decrease after the initial 4-year period then adjust annually thereafter based on an index. The maximum annual interest rate increase or decrease is capped at 2% with a lifetime cap of 6%. The interest rate will be based on an index plus a margin. The index is the average weekly yield on US Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve Board. Lower down payments available. Down payments of less than 20% require Private Mortgage Insurance which will increase the APR and monthly payment. Annual Percentage Rates are subject to change without notice. The Annual Percentage Rate is accurate as of March 2nd, 2010. Closing costs apply. Subject to credit approval. Payments do not include taxes and insurance and if included will result in the actual monthly obligation being greater. Rhode Island. Southeastern Massachusetts and Eastern Connecticut properties are eligible. Available 1-4 family and condo primary residences and single family and condo second homes. Homeowners insurance is required. Flood insurance may apply. Other programs and terms may be available.
Other terms and conditions apply. Please contact a BankNewport representative at 846-3400 or 800-234-8586 (outside Newport County) for details about credit costs and terms.
Special Pricing For Purchases
Adjustable Rate Mortgage (ARM)
10/1 ARM- 30 Years 0 Points
Current Annual Percentage Rate (APR) is 4.310%. Adjustable rate mortgage. Purchases Only. Example monthly payments assume a loan of $200,000 and a 20% down payment and 0 points amortized over 30 years and would result in 120 initial monthly payments of principal and interest (P&I) in the amount of $1073.65 followed by 240 monthly payments of (P&I) $912.46. The Annual Percentage Rate (APR) may increase or decrease after the initial 10-year period then adjust annually thereafter based on an index. The maximum annual interest rate increase or decrease is capped at 2% with a lifetime cap of 6%. The interest rate will be based on an index plus a margin. The index is the average weekly yield on US Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve Board. Lower down payments available. Down payments of less than 20% require Private Mortgage Insurance which will increase the APR and monthly payment. Annual Percentage Rates are subject to change without notice. The Annual Percentage Rate is accurate as of March 2nd, 2010. Closing costs apply. Subject to credit approval. Payments do not include taxes and insurance and if included will result in the actual monthly obligation being greater. Rhode Island. Southeastern Massachusetts and Eastern Connecticut properties are eligible. Available 1-4 family and condo primary residences and single family and condo second homes. Homeowners insurance is required. Flood insurance may apply. Other programs and terms may be available.
Other terms and conditions apply. Please contact a BankNewport representative at 846-3400 or 800-234-8586 (outside Newport County) for details about credit costs and terms.
Adjustable Rate Mortgage (ARM) Construction
10/1 ARM Construction: 30 Year .50 Points
Current Annual Percentage Rate (APR) is 4.554%. Adjustable rate mortgage. Example monthly payments assume a loan of $200,000 and a 20% down payment and.50 points amortized over 30 years and would result in 12 initial monthly payments of interest only in the amount of $854.17, followed by principal and interest (P&I) monthly payments of $1088.98 for 120 payments and followed by 240 payments of (P&I) $915.88. The Annual Percentage Rate (APR) may increase or decrease after the initial 10-year period then adjust annually thereafter based on an index. The maximum annual interest rate increase or decrease is capped at 2% with a lifetime cap of 6%. The interest rate will be based on an index plus a margin. The index is the average weekly yield on US Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve Board. Lower down payments available. Down payments of less than 20% require Private Mortgage Insurance which will increase the APR and monthly payment. Annual Percentage Rates are subject to change without notice. The Annual Percentage Rate is accurate as of March 2nd, 2010. Closing costs apply. Subject to credit approval. Payments do not include taxes and insurance and if included will result in the actual monthly obligation being greater. Rhode Island. Southeastern Massachusetts and Eastern Connecticut properties are eligible. Available single family primary residences and single family second homes. Homeowners insurance is required. Flood insurance may apply. Other programs and terms may be available.
Other terms and conditions apply. Please contact a BankNewport representative at 846-3400 or 800-234-8586 (outside Newport County) for details about credit costs and terms.
5/1 ARM Construction: 30 Years .50 Points
Current Annual Percentage Rate (APR) is 3.660%. Adjustable rate mortgage. Example monthly payments assume a loan of $200,000 and a 20% down payment and.50 points amortized over 30 years and would result in 12 initial monthly payments of interest only in the amount of $708.33, followed by principal and interest (P&I) monthly payments of $983.88 for 60 payments and followed by 300 payments of (P&I) $873.10. The Annual Percentage Rate (APR) may increase or decrease after the initial 5-year period then adjust annually thereafter based on an index. The maximum annual interest rate increase or decrease is capped at 2% with a lifetime cap of 6%. The interest rate will be based on an index plus a margin. The index is the average weekly yield on US Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve Board. Lower down payments available. Down payments of less than 20% require Private Mortgage Insurance which will increase the APR and monthly payment. Annual Percentage Rates are subject to change without notice. The Annual Percentage Rate is accurate as of March 2nd, 2010. Closing costs apply. Subject to credit approval. Payments do not include taxes and insurance and if included will result in the actual monthly obligation being greater. Rhode Island. Southeastern Massachusetts and Eastern Connecticut properties are eligible. Available single family primary residences and single family second homes. Homeowners insurance is required. Flood insurance may apply. Other programs and terms may be available.
Other terms and conditions apply. Please contact a BankNewport representative at 846-3400 or 800-234-8586 (outside Newport County) for details about credit costs and terms.
Land
Adjustable Rate Mortgage (ARM)
1 YR ARM: 20 Year- .50 Points
Current Annual Percentage Rate (APR) is 4.079%. Adjustable rate mortgage. Example monthly payments assume a loan of $200,000 and a 25% down payment and.50 points amortized over 20 years and would result in 12 principal and interest (P&I) payments of $1333.77, followed by 220 payments of (P&I) $1204.18. The Annual Percentage Rate (APR) may increase or decrease after the initial 1-year period then adjust annually thereafter based on an index. The maximum annual interest rate increase or decrease is capped at 2% with a lifetime cap of 6%. The interest rate will be based on an index plus a margin. The index is the average weekly yield on US Treasury Securities adjusted to a constant maturity of one year as made available by the Federal Reserve Board. Annual Percentage Rates are subject to change without notice. The Annual Percentage Rate is accurate as of
March 2nd, 2010. Closing costs apply. Subject to credit approval. Payments do not include taxes and insurance and if included will result in the actual monthly obligation being greater. Rhode Island. Southeastern Massachusetts and Eastern Connecticut properties are eligible. Other programs and terms may be available. Call for loan rates over $500,000. Other terms and conditions apply. Please contact a BankNewport representative at 846-3400 or 800-234-8586 (outside Newport County) for details about credit costs and terms.
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