Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. The APR may be increased after the closing date for adjustable-rate mortgage (ARM) loans.
First-time home buyer assistance programs in Iowa and across the U.S. offer loans, grants, down payment assistance and tax credits. But availability and qualification requirements can vary. Contact your U.S. Bank mortgage loan officer for more information about programs available in Iowa.
Estimated monthly payment and APR calculation are based on a fixed-rate period of 5 years that could change in interest rate each subsequent year for the next 25 years, a down payment of 20% and borrower-paid finance charges of 0.862% of the base loan amount, plus origination fees if applicable. After the 5-year introductory period: the APR is variable and is based upon an index plus a margin. The APR will vary with a predetermined index as published in the Wall Street Journal. If the down payment is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR. Estimated monthly payment does not include amounts for taxes and insurance premiums. Adjustable-rate loans and rates are subject to change during the loan term. That change can increase or decrease your monthly payment.
ARM Loans - Adjustable-rate loans and rates are subject to change during the loan term. That change can increase or decrease your monthly payment. APR calculation assumes a $725,000 loan with a 25% down payment and borrower-paid finance charges of 0.862% of the loan amount, plus origination fees, if applicable. If the down payment is less than 20%, mortgage insurance may be required, which could increase the monthly payment and the APR. Non-conforming rates are for loan amounts exceeding $726,200 ($1,089,300 in AK and HI).
The cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees. For home equity lines, the APR is just the interest rate.
The estimated monthly payment includes principal, interest and any required mortgage insurance (for borrowers with less than a 20% down payment). The payment displayed does not include amounts for hazard insurance or property taxes which will result in a higher actual monthly payment. If you have an adjustable-rate loan, your monthly payment may change once every six months (after the initial period) based on any increase or decrease in the Secured Overnight Financing Rate (SOFR) index, published daily by the New York Fed. Note: Bank of America is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by Bank of America.
Interest rates on investment properties are typically higher than a traditional mortgage interest rate. U.S. Bank offers a variety of investment property loans to suit nearly every need. To learn more about real estate investment loans and current investment property loan mortgage rates, contact your mortgage loan officer.
Federal Housing Administration (FHA) loans are available to all qualified buyers, regardless of income level. They often have more flexible lending requirements than conventional loans. All FHA loans require mortgage insurance which protects the lender against any loss if mortgage payments are missed. To learn more about how FHA loans work, speak with your mortgage loan officer.
United States Department of Agriculture (USDA) loans are mortgages guaranteed by the U. S. Department of Agriculture. A USDA loan can be a good option for buyers with lower to moderate incomes in eligible rural areas. These are zero down payment loans with low interest rates, and they typically have more flexible credit requirements than conventional mortgages. Contact your mortgage loan officer to see if you qualify for a USDA loan.
United States Department of Agriculture (USDA) loans are available to qualified buyers with low to moderate incomes in eligible rural areas. To be eligible for a USDA loan, the home must meet certain requirements and it must be your primary residence in a rural community. Rental properties and vacation homes do not qualify. To learn more about how USDA loans work, connect with your mortgage loan officer.
As the best mortgage lender in Iowa, we want to help you achieve your dream of home ownership. If this is your first time buying a home, our Loan Officers are here to guide you through the proper steps to buying a home. They will help you determine what you can afford and review your financing options, including down payment resources, types of home loans, and assistance programs.
Federal and Iowa veterans' home loan programs offer fixed-rate conventional and jumbo loans for active duty personnel, reservists, and veterans. Both purchase loans and refinancing loans offer up to 100% financing with great mortgage rates. Learn more about veteran home loans at the Federal VA website.
Thinking about buying a second home or investing in real estate? Twin Cedars Bank offers real estate loan financing for conventional and jumbo limits, including many construction and renovation loan program options. Our expert loan officers are here to help you with any second home or investment property loans that you may need. 2b1af7f3a8